(1) Foreclosure of a mortgage on real property is not barred by ORS 88.110 when the mortgage is held of record by the State of Oregon or when all the following facts exist at the time the foreclosure suit is commenced:
(a) Any portion of the mortgage debt, or any interest thereon, has been voluntarily paid within the 10 years immediately preceding commencement of the suit.
(b) The original mortgagor still owns the mortgaged property.
(c) No lien or right of a third person has attached to the property after the expiration of the 10-year period referred to in ORS 88.110.
(2) A mortgage that is not enforceable by the transferor at the time of transfer to the State of Oregon does not become enforceable thereafter under this section. [Amended by 1997 c.298 §1]Section: Previous 88.030 88.040 88.050 88.060 88.070 88.075 88.080 88.090 88.100 88.110 88.120 88.710 88.720 88.730 88.740 Next
Last modified: August 7, 2008