Which of the following statements about the Oregon Trust Deed Act (ORS Chapter 86) is NOT accurate?
Correct Answer
C) A borrower whose property is sold at a non-judicial trustee's sale retains a one-year post-sale right of redemption.
The statement that a borrower retains a one-year post-sale right of redemption after a non-judicial trustee's sale is NOT accurate — this is a common and dangerous misconception. Oregon's Trust Deed Act expressly provides no post-sale right of redemption for non-judicial foreclosures. Once the trustee's sale is completed, the sale is final. A post-sale redemption right may exist in judicial foreclosure proceedings but not in the non-judicial process that governs trust deed foreclosures in Oregon.
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Related Topics & Key Terms
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Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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