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ScottyMacESQ; my name is ***** ***** Gurfinkel I have a

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Customer: HI,ScottyMacESQ; my name is...
Customer: HI,ScottyMacESQ; my name is ***** ***** Gurfinkel I have a question on non-recourse 2nd mortgages in OR; where can I find the letter of the law on that subject?
JA: Thanks. Can you give me any more details about your issue?
Customer: It's a more general question. I am working with a client (I'm a lender) who had a FC 6.5 yrs ago. He had a first/second combo loan; I know for a fact that a second which is part of a combo used for purchase is a non-recourse loan. I am just trying to find that info in writing
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Real Estate Law Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: I would be willing to pay, yes. I am willing to wait.
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Submitted: 1 year ago.Category: Real Estate Law
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Answered in 3 hours by:
12/31/2015
Real Estate Lawyer: TJ, Esq., Attorney replied 1 year ago
TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12,480
Experience: JD, MBA
Verified

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

You are looking for Or. Rev. Stat. Ann. § 88.103, which states in pertinent part:

(1) When real property is sold pursuant to a judgment foreclosing a mortgage and the proceeds of the sale are not adequate to satisfy the amounts secured by the mortgage, all judgment remedies for collection of the unsatisfied amounts expire when the sale is made if:

(a) The mortgage was given to a seller to secure the unpaid balance of the purchase price of real property

In plain English, the above states that if a mortgage loan was taken to purchase property, then it is a non-recourse loan.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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