Oregon Deed of Trust and Request for Notice of Default
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FAQ
Only the debts of a grantor or a beneficiary can result in a lien on trust assets. If the grantor or beneficiary also happens to be a trustee, it is their position as grantor or beneficiary that allows the lien to attach. There are two types of living trusts: Revocable Trusts.
Deed of Trust are also voluntary liens, which require the notarized signature of the debtor. Remember, liens are attached to the property and not to a person.
The OTDA provides that a nonjudicial foreclosure may not be initiated unless "the trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in the mortgage records in the counties in which the property described in the deed is situated."
Banks and other lenders typically use a trust deed. A trust deed can be foreclosed by a lawsuit in the circuit court of the county where the property is located. This type of foreclosure is referred to as a judicial foreclosure and is now common for residential loans in Oregon.
Neither a deed of trust or a contract for deed is a true deed. A deed is a document used to transfer title to real estate; deeds of trust and contracts for deeds are arrangements for buying land, each legally different from a mortgage.
The most common examples for voluntary liens are mortgages on a home and liens placed on cars that are financed. Voluntary liens can be placed on any type of property with value. The point of the voluntary lien is for a lender to secure collateral for a debt or service rendered.
A Declaration of Trust, also known as a Deed of Trust, is a legally-binding document recording the financial arrangements between joint property owners, and/or anyone else with a financial interest in the property.
Some use deeds of trust instead, which are similar documents, but they have some fundamental differences.With a deed of trust, however, the lender must act through a go-between called the trustee. The beneficiary and the trustee can't be the same person or entity.
(2) Beneficiary means a person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person's successor in interest, and who is not the trustee unless the beneficiary is qualified to be a trustee under ORS 86.713 (Qualifications of trustee) (1)(b)(D).