Loans, Debt & Credit - View Single Post - Professor Shays, help please? My oregon 80/20 foreclosed on the 80, they say I owe on the 20

david29989 · 02-22-2009, 09:48 PM

Daniel,
This was not an owner finance transaction so I must fall under subsection 2. Having said that, anyone then, even people who did not have a second mortgage, if they foreclosed on their first mortgage, and that first mortgage was over $50k, then they would owe any deficiency in that foreclosure. That would mean Oregon is an anti-deficiency state and the ex-homeowner would be protected only if he bought a $250k (or less) home on an 80/20 loan...and that is it. In any other situation they would be required to pay the deficiency? I hope this is not the case.

02-22-2009, 09:48 PM	#6 (permalink)
david29989 Member Join Date: Feb 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Professor Shays, help please? My oregon 80/20 foreclosed on the 80, they say I owe on the 20 Daniel, This was not an owner finance transaction so I must fall under subsection 2. Having said that, anyone then, even people who did not have a second mortgage, if they foreclosed on their first mortgage, and that first mortgage was over $50k, then they would owe any deficiency in that foreclosure. That would mean Oregon is an anti-deficiency state and the ex-homeowner would be protected only if he bought a $250k (or less) home on an 80/20 loan...and that is it. In any other situation they would be required to pay the deficiency? I hope this is not the case.