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Hi I'm Jeff Myers with bold Fernandez I'm an associate here at the law firm, and I'm here to talk to you briefly about the Oregon trustee to act and the non-judicial foreclosure statutes the non-judicial foreclosure statutes in Oregon were drafted in the late 50s and early 60s essentially before the Oregon trusted act and the non-judicial foreclosure statutes the only way that you could foreclose on someone's house was through a judicial process in the late 50s and early 60s the bank's decided that they wanted a more efficient process that would allow them to avoid the cost and expense of doing things through the judicial process, so they have the legislature draft what is now known as ORS 86 705 two ORS 86 795 this is a statutory regime that governs how a non-judicial foreclosure is conducted under the case of Staffordshire vs cal western reconveyance the Oregon non-judicial foreclosure statutes are subject to strict compliance which essentially means that it's not enough to substantially comply you have to follow the letter of the law exactly now there are a lot of requirements contained in the Oregon trustee to act in the non-judicial foreclosure statutes I do not have time to go through all of them, and you do not want me to go through all of them because it's really long and really boring, but essentially the really critical points of this are contained in the prerequisites to the non-judicial foreclosure statutes that are contained in RS 80 6735 and continued on through rs80 6740 20 RS 86 755 this basically governs the sleep the process that the banks have to use in order to foreclose on your home under RS 86 735 in order to conduct a non-judicial foreclosure the trustee has to meet five separate elements they have to have recorded any assignments of the deed of trust by the trustee or the beneficiary they have to have recorded any apps of a successor trustee there has to be a default on the part of the homeowner they have to record a notice of default and election to sell in the county records, and they have to make sure that there is no separate lawsuit to collect on the debt this basically means that they can't be simultaneously suing you for failure to pay and also foreclosing on their security interest in your home once they have complied with all the requirements under RS 86 735 they can than move on to the step in 86 740 which is where they will send you a notice of trustee's sale this is a document that you will receive either via personal service where someone will actually come to your door and hand it to you or where they will post it on your property this is actually what most people think of when they think of the foreclosure notice because it's the one that is stapled or pasted to your door the trustees notice of sale will fix a sale date for your property between the time that the original notice is posted and the time that your property can actually be sold there are a number of other steps that the trustee has to comply...
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