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The Oregon Trust Deed Act was established in 1959 to make the foreclosure process easier and faster by not involving the courts. The Act allows the lender to file a trust deed, which assigns the deed to a third-party (trustee).
CIVIL PRACTICE LAW AND RULES, §§8017, 8021; SOCIAL SERVICES LAW, §106-a: A county clerk is entitled to a fee for recording a satisfaction of mortgage where the county department of social services is the mortgagee but the satisfaction of the mortgage is presented for recording by the mortgagor.
A mortgage commitment letter is a formal document from your lender stating that you're approved for the loan. Lenders issue a mortgage commitment letter after an applicant successfully completes the preapproval process.
Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.
If the satisfaction isn't recorded within a minimum of 60 days, they may incur penalties and be held liable for damages and attorney's fees.
Primary tabs. A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.