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A trust deed is similar to a mortgage but usually gives the security holder a right of sale. This right of sale allows the security holder to foreclose on the property without having to file a lawsuit in court. This process is called foreclosure by advertisement and sale and is found in ORS 86.735.
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 persons 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).
The Beneficiary of a Deed of Trust is the Lender, and the Deed serves to protect their investment. The Trustor is the borrower. While the legal title on the property is put into a Trust, as long as timely and consistent payments are made, the borrower has equitable title.
Tips for Home Loan Assumptions Until the seller is released from liability by the lender, they are responsible for the debt, and nonpayment by the would-be assumer of the loan could negatively impact their credit score. Its also important to accurately value the property before assuming the loan.
Assumption Loans: An assumption agreement is prepared by the existing lender of record and signed by the buyer as part of the escrow process. The seller may also be required to sign the assumption agreement and the terms may release the seller from responsibility.

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A trust deed is similar to a mortgage but usually gives the security holder a right of sale. This right of sale allows the security holder to foreclose on the property without having to file a lawsuit in court. This process is called foreclosure by advertisement and sale and is found in ORS 86.735.
An assumable mortgage allows someone to find a house they want to buy and take over the sellers existing home loan without applying for a new mortgage. This means the remaining balance, mortgage rate, repayment period and other loan terms stay the same, but the responsibility for the debt is transferred to the buyer.
So, here is how a Sale with Assumption of Mortgage works: The buyer pays the seller a certain amount for the property. The buyer now owns the property. But the sale also comes with the responsibility to repay the creditor (mortgagee) for the remaining debt of the seller.
Start Deed of Trust StateMortgage allowedDeed of trust allowedOhioYOklahomaYOregonYPennsylvaniaY47 more rows
In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.

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