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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12205
Experience:  JD, MBA
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ScottyMacESQ; my name is ***** ***** Gurfinkel I have a

Customer Question

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
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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
Expert:  TJ, Esq. replied 1 year ago.

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.