Legal Question in Real Estate Law in Oregon

in Oregon they recently passed a house bill 3656 which protects against deficiency from second mortgage holder if it was done at same time as first and from same/affiliated originator. What, if any, protections are their against deficiency if the second was originated by an unaffiliated bank?


Asked on 4/04/10, 10:33 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, that bank can come after you for the deficiency.

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Answered on 4/10/10, 5:20 am


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