Legal Question in Real Estate Law in Oregon
does a warranty deed cancel out the original owners obligation to the lender
Asked on 7/11/14, 1:27 am
1 Answer from Attorneys
Robert Mauger
The Law Office of Robert L. Mauger
No. If the obligation to the lender isn't paid, the lender will foreclose on the original owner's promise (mortgage, trust deed, or land sale contract). Anything recorded on the property after the foreclosure will be wiped out. Otherwise, it would be pretty easy to get out of a home loan if all you had to do was transfer the property to someone else.
Answered on 8/05/14, 4:28 pm