Legal Question in Real Estate Law in Oregon

I live in Oregon have a mortgage and a second mortgage. If my house goes in to fore-closer or a short sale and the sale's price does not cover both mortgages do I still have to pay the difference.


Asked on 6/02/10, 11:08 am

1 Answer from Attorneys
Daniel Meek Daniel W. Meek

Oregon has an "anti-deficiency statute," which states that, if the lender forecloses the mortgage, the lender cannot come after you for the deficiency. The 2010 Oregon Legislature amended that so it now applies also to second mortgages made at the same time as the first mortgage and involving the first mortgage lender or any associated firms.

If your second mortgage was made by a completely independent bank, or was made at a different time than the first mortgage, that lender can come after you for the deficiency.

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Answered on 6/02/10, 2:18 pm


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