Maria owns a home in Eugene, Oregon that is secured by a trust deed. She has defaulted on her loan, and the lender has initiated a non-judicial foreclosure (trustee's sale) under ORS Chapter 86. Maria is reviewing her rights and options before the sale date. Which of the following statements about Oregon's non-judicial foreclosure process is NOT accurate?
Correct Answer
A) After the trustee's sale is completed, Maria has a statutory right of redemption allowing her to reclaim the property by paying the sale price.
Option B is NOT accurate and is therefore the correct answer to this reverse question. Under Oregon's Trust Deed Act (ORS Chapter 86), there is NO statutory post-sale right of redemption for non-judicial (trustee's sale) foreclosures. Once the trustee's sale is completed, the sale is final and the borrower cannot redeem the property. This is a critical Oregon-specific distinction: the right of redemption applies only to the less common judicial foreclosure process, not to the non-judicial trustee's sale that is used in the vast majority of Oregon foreclosures.
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