Oregon Statutes 646A.702 – Definitions for ORS 646A.702 to 646A.720
As used in ORS § 646A.702 to 646A.720:
Terms Used In Oregon Statutes 646A.702
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Forbearance: A means of handling a delinquent loan. A
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) ‘Default’ means having one or more homeowner obligations in arrears to an extent that a notice of default could properly be recorded against the residence.
(2) ‘Family’ means a spouse, domestic partner, parent, stepparent, grandparent, child, stepchild, grandchild, sibling, aunt, uncle, cousin or in-law.
(3) ‘Foreclosure consultant,’ except as provided in ORS § 646A.705, means a person that directly or through association with another makes a solicitation, representation or offer to a homeowner to perform, for or with the intent to receive compensation from or on behalf of the homeowner, a service that the solicitation, representation or offer indicates will accomplish one or more of the following:
(a) Prevent, postpone or stop a foreclosure sale.
(b) Obtain a forbearance from a beneficiary or mortgagee.
(c) Assist the homeowner in exercising a right of redemption.
(d) Obtain an extension of the period within which the homeowner may reinstate the homeowner’s obligation.
(e) Obtain the waiver of an acceleration clause that is:
(A) Contained in a promissory note or contract; and
(B) Secured by or contained in a deed of trust for, or mortgage on, a residence in foreclosure or in default.
(f) Assist the homeowner in obtaining a loan or advance of funds.
(g) Avoid or ameliorate an impairment of the homeowner’s credit resulting from a recorded notice of foreclosure or default.
(4) ‘Foreclosure consulting contract’ means an agreement between a foreclosure consultant and a homeowner for the provision of services by a foreclosure consultant in regard to a residence in foreclosure or in default.
(5) ‘Homeowner’ means the record owner of a residence.
(6) ‘Residence in foreclosure’ means residential real property:
(a) Consisting of one to four single-family dwelling units;
(b) On which the owner occupies a dwelling unit; and
(c) Against which a notice of default has been recorded. [2008 c.19 § 2]