(b) The notice described in paragraph (a) of this subsection must in plain language explain the basis for the beneficiary’s determination.
(c) This subsection does not impose an affirmative duty on the beneficiary to determine if a grantor is eligible for a foreclosure avoidance measure.
(2) At least five days before the trustee sells the property that is subject to foreclosure, the beneficiary shall record in the mortgage records in the county or in one of the counties in which the property is located an affidavit that states that the beneficiary has complied with the requirements set forth in subsection (1) of this section.
(3)(a) A beneficiary that fails to substantially comply with subsection (1)(b) of this section, or otherwise fails to comply with subsection (1)(a) or (2) of this section, is liable to the grantor in the amount of $500 plus the amount of the grantor’s actual damages for each failure.
(b) A grantor may bring an action against a beneficiary in a circuit court of this state to recover the amounts described in paragraph (a) of this subsection. The grantor shall commence the action within one year after the date on which the beneficiary should have complied, but did not comply, with the provisions of this section.
(c) Notwithstanding an agreement to the contrary, a court may award reasonable attorney fees, costs and disbursements to a grantor that obtains a final judgment in the grantor’s favor. [2012 c.112 §4a; 2013 c.304 §9; 2017 c.154 §2; 2017 c.251 §4]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 086 - Mortgages; Trust Deeds
Section 86.095 - Acts not affecting priority of lien of credit instrument.
Section 86.150 - Loan agreements and promissory notes to state maximum prepayment privilege penalty.
Section 86.160 - Definitions for ORS 86.160 to 86.185.
Section 86.205 - Definitions for ORS 86.205 to 86.275.
Section 86.245 - Interest on security protection deposits; exception.
Section 86.265 - Effect of lender violation of ORS 86.205 to 86.275.
Section 86.705 - Definitions for ORS 86.705 to 86.815.
Section 86.736 - Certificate of compliance; expiration.
Section 86.741 - Attorney General duties and powers; payments; rules.
Section 86.744 - Foreclosure Avoidance Fund.
Section 86.752 - Foreclosure by advertisement and sale.
Section 86.756 - Notice to grantor; requirements; additional forms; rules.
Section 86.761 - Failure to give notice to grantor; remedy.
Section 86.764 - Notice of sale for certain persons.
Section 86.771 - Contents of notice of sale; additional notices; contents and requirements.
Section 86.774 - Service and publication of notice; recording proof of compliance.
Section 86.778 - Discontinuance of foreclosure proceedings after cure of default.
Section 86.786 - Request for information from trustee.
Section 86.789 - Information provided by trustee.
Section 86.794 - Disposition of proceeds of sale.
Section 86.797 - Effect of sale; actions for deficiency; restrictions.
Section 86.812 - Impermissible conditions for approving short sale or sale of note; exceptions.
Section 86.815 - Time within which foreclosure must be commenced.