Oregon Statutes 86.752 – Foreclosure by advertisement and sale
A trustee may not foreclose a trust deed by advertisement and sale in the manner provided in ORS § 86.764 to 86.782 unless:
Terms Used In Oregon Statutes 86.752
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- 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
- Grantor: The person who establishes a trust and places property into it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
- Trustee: A person or institution holding and administering property in trust.
(1) The trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in the mortgage records in the counties in which the property described in the deed is situated;
(2) There is a default by the grantor or other person that owes an obligation, the performance of which is secured by the trust deed, or by the grantor’s or other person’s successors in interest with respect to a provision in the deed that authorizes sale in the event of default of the provision;
(3) The trustee or beneficiary has filed for recording in the county clerk’s office in each county in which the trust property, or some part of the trust property, is situated, a notice of default containing the information required by ORS § 86.771 and containing the trustee’s or beneficiary’s election to sell the property to satisfy the obligation;
(4) The beneficiary has filed for recording in the official records of the county or counties in which the property that is subject to the residential trust deed is located:
(a) A certificate of compliance that a service provider issued to the beneficiary under ORS § 86.736 that is valid and unexpired at the time the notice of default is recorded;
(b) A copy of the affidavit with which the beneficiary claimed, under ORS § 86.726 (1)(b), an exemption that has not expired; or
(c) A signed affidavit from the Director of Veterans’ Affairs that states that the Department of Veterans’ Affairs, in the department’s capacity as a beneficiary of loans made under ORS § 407.125, is exempt from the requirement under ORS § 86.726 to request or participate in a resolution conference with a grantor;
(5) The beneficiary has complied with the provisions of ORS § 86.748;
(6) The grantor has not complied with the terms of any foreclosure avoidance measure upon which the beneficiary and the grantor have agreed; and
(7) An action has not been commenced to recover the debt or any part of the debt then remaining secured by the trust deed, or, if an action has been commenced, the action has been dismissed, except that:
(a) Subject to ORS § 86.010 and the procedural requirements of ORCP 79 and 80 and the Oregon Receivership Code, as applicable, an action may be commenced to appoint a receiver or to obtain a temporary restraining order during foreclosure of a trust deed by advertisement and sale, except that a receiver may not be appointed with respect to a single-family residence that the grantor, the grantor’s spouse or the grantor’s minor or dependent child occupies as a principal residence.
(b) An action may be commenced to foreclose, judicially or nonjudicially, the same trust deed as to any other property covered by the trust deed, or any other trust deeds, mortgages, security agreements or other consensual or nonconsensual security interests or liens that secure repayment of the debt. [Formerly 86.735; 2017 c.236 § 1; 2017 c.358 § 48]
[1983 c.719 § 11; 1985 c.817 § 5; 1989 c.190 § 4; 1999 c.561 § 1; renumbered 86.778 in 2013]
[1959 c.625 § 9; 1965 c.457 § 6; 1983 c.719 § 7; 1985 c.817 § 6; 1989 c.190 § 5; 1989 c.506 § 1; 2009 c.883 1,1a; 2011 c.42 § 10; 2011 c.510 2,7; 2011 c.712 § 2; 2012 c.112 9,10; 2013 c.76 1,2; 2013 c.465 1,2; renumbered 86.782 in 2013]