ORS 86.771
Contents of notice of sale

  • additional notices
  • contents and requirements
The notice of sale must:

(1)

List the names of the grantor, trustee and beneficiary in the trust deed, and the mailing address of the trustee.

(2)

Describe the property the trust deed covers.

(3)

Identify the book and page of the mortgage records that record the trust deed.

(4)

State the default for which the foreclosure is made.

(5)

State the sum owing on the obligation that the trust deed secures.

(6)

State that the property will be sold to satisfy the obligation.

(7)

Set forth the date, time and place of the sale.

(8)

State that the right exists under ORS 86.778 (Discontinuance of foreclosure proceedings after cure of default) to have the proceeding dismissed and the trust deed reinstated by paying the entire amount then due, together with costs, trustee’s fees and attorney fees, and by curing any other default complained of in the notice of default, at any time that is not later than five days before the date last set for the sale.

(9)

Include language that reads substantially as follows:
Without limiting the trustee’s disclaimer of representations or warranties, Oregon law requires the trustee to state in this notice that some residential property sold at a trustee’s sale may have been used in manufacturing methamphetamines, the chemical components of which are known to be toxic. Prospective purchasers of residential property should be aware of this potential danger before deciding to place a bid for this property at the trustee’s sale.

(10)

If the property includes one or more dwelling units that are subject to ORS chapter 90, include a notice addressed clearly to any individual who occupies the property and who is or might be a residential tenant. The notice required under this subsection must:

(a)

Include contact information for the Oregon State Bar and a person or organization that provides legal help to individuals at no charge to the individual;

(b)

Include information concerning the right the individual has to notice under ORS 86.782 (Sale of property) (6)(c);

(c)

Be set apart from other text in the notice of sale; and

(d)

Be in substantially the following form:
The property in which you are living is in foreclosure. A foreclosure sale is scheduled for ________ (date). The date of this sale may be postponed. Unless the lender that is foreclosing on this property is paid before the sale date, the foreclosure will go through and someone new will own this property. After the sale, the new owner is required to provide you with contact information and notice that the sale took place.
The following information applies to you only if you are a bona fide tenant occupying and renting this property as a residential dwelling under a legitimate rental agreement. The information does not apply to you if you own this property or if you are not a bona fide residential tenant.
If the foreclosure sale goes through, the new owner will have the right to require you to move out. Before the new owner can require you to move, the new owner must provide you with written notice that specifies the date by which you must move out. If you do not leave before the move-out date, the new owner can have the sheriff remove you from the property after a court hearing. You will receive notice of the court hearing.
IF YOU ARE A BONA FIDE TENANT OCCUPYING AND RENTING THIS PROPERTY AS A RESIDENTIAL DWELLING, YOU HAVE THE RIGHT TO CONTINUE LIVING IN THIS PROPERTY AFTER THE FORECLOSURE SALE FOR:
• 60 DAYS FROM THE DATE YOU ARE GIVEN A WRITTEN TERMINATION NOTICE, IF YOU HAVE A FIXED TERM LEASE; OR
• AT LEAST 30 DAYS FROM THE DATE YOU ARE GIVEN A WRITTEN TERMINATION NOTICE, IF YOU HAVE A MONTH-TO-MONTH OR WEEK-TO-WEEK RENTAL AGREEMENT.
If the new owner wants to move in and use this property as a primary residence, the new owner can give you written notice and require you to move out after 30 days, even though you have a fixed term lease with more than 30 days left.
You must be provided with at least 30 days’ written notice after the foreclosure sale before you can be required to move.
A bona fide tenant is a residential tenant who is not the borrower (property owner) or a child, spouse or parent of the borrower, and whose rental agreement:
• Is the result of an arm’s-length transaction;
• Requires the payment of rent that is not substantially less than fair market rent for the property, unless the rent is reduced or subsidized due to a federal, state or local subsidy; and
• Was entered into prior to the date of the foreclosure sale.
FORECLOSURE SALE: RENT
YOU SHOULD CONTINUE TO PAY RENT TO YOUR LANDLORD UNTIL THE PROPERTY IS SOLD OR UNTIL A COURT TELLS YOU OTHERWISE. IF YOU DO NOT PAY RENT, YOU CAN BE EVICTED. BE SURE TO KEEP PROOF OF ANY PAYMENTS YOU MAKE.
You may apply your security deposit and any rent you paid in advance against the current rent you owe your landlord as provided in ORS 90.367 (Application of security deposit or prepaid rent after notice of foreclosure). To do this, you must notify your landlord in writing that you want to subtract the amount of your security deposit or prepaid rent from your rent payment. You may do this only for the rent you owe your current landlord. If you do this, you must do so before the foreclosure sale. The business or individual who buys this property at the foreclosure sale is not responsible to you for any deposit or prepaid rent you paid to your landlord.
The new owner that buys this property at the foreclosure sale may be willing to allow you to stay as a tenant instead of requiring you to move out after 30 or 60 days. After the sale, you should receive a written notice informing you that the sale took place and giving you the new owner’s name and contact information. You should contact the new owner if you would like to stay. If the new owner accepts rent from you, signs a new residential rental agreement with you or does not notify you in writing within 30 days after the date of the foreclosure sale that you must move out, the new owner becomes your new landlord and must maintain the property. Otherwise:
• You do not owe rent;
• The new owner is not your landlord and is not responsible for maintaining the property on your behalf; and
• You must move out by the date the new owner specifies in a notice to you.
The new owner may offer to pay your moving expenses and any other costs or amounts you and the new owner agree on in exchange for your agreement to leave the premises in less than 30 or 60 days. You should speak with a lawyer to fully understand your rights before making any decisions regarding your tenancy.
IT IS UNLAWFUL FOR ANY PERSON TO TRY TO FORCE YOU TO LEAVE YOUR DWELLING UNIT WITHOUT FIRST GIVING YOU WRITTEN NOTICE AND GOING TO COURT TO EVICT YOU. FOR MORE INFORMATION ABOUT YOUR RIGHTS, YOU SHOULD CONSULT A LAWYER. If you believe you need legal assistance, contact the Oregon State Bar and ask for the lawyer referral service. Contact information for the Oregon State Bar is included with this notice. If you do not have enough money to pay a lawyer and are otherwise eligible, you may be able to receive legal assistance for free. Information about whom to contact for free legal assistance is included with this notice.
[Formerly 86.745; 2014 c.36 §§1,2]

Source: Section 86.771 — Contents of notice of sale; additional notices; contents and requirements, https://www.­oregonlegislature.­gov/bills_laws/ors/ors086.­html.

86.010
Nature of mortgagee’s interest 86.020
Covenant to pay money not implied 86.030
Absolute deed as a mortgage 86.040
Improvements on mortgaged lands 86.050
Payment of taxes and other charges by mortgagee 86.060
Assignment of mortgage 86.080
Record of assignment not notice to mortgagor 86.095
Acts not affecting priority of lien of credit instrument 86.100
Discharge of mortgage 86.110
Discharge of record by owner and holder of mortgage note who is not the mortgagee of record 86.120
Discharge of mortgage on real property 86.130
Discharge by foreign executors, administrators, conservators and guardians 86.140
Liability of mortgagee for failure to discharge mortgage 86.150
Loan agreements and promissory notes to state maximum prepayment privilege penalty 86.155
Priority of line of credit instrument as to certain advances 86.157
Action for residual debt after short sale of residential property 86.160
Definitions for ORS 86.160 to 86.185 86.165
Late charge 86.170
Prohibited mortgage provisions 86.175
Scope 86.180
ORS 86.160 to 86.185 not applicable to certain mortgagees 86.185
ORS 86.160 to 86.185 not applicable to certain loans 86.205
Definitions for ORS 86.205 to 86.275 86.210
Types of lender security protection provisions allowed 86.214
Application of ORS 86.210 and 86.245 to real estate loan agreements 86.240
Limit on amount required in security protection escrow account 86.245
Interest on security protection deposits 86.250
Service charge prohibited where interest required 86.255
Arrangements where security protection provisions not required 86.260
Payment of taxes where security protection provision required 86.265
Effect of lender violation of ORS 86.205 to 86.275 86.270
ORS 86.205 to 86.275 inapplicable to certain loan agreements 86.275
Severability 86.405
Secretary of State to furnish statement of mortgages filed before September 1, 1963 86.440
Discharge of mortgage recorded with county recording officer 86.460
Discharge of mortgage filed with Secretary of State 86.470
Discharge, assignment and foreclosure of mortgages on chattels registered and licensed by Department of Transportation 86.610
Power of financial institutions, fiduciaries and others to make loans secured by property insured by Federal Housing Administration 86.620
Investment of funds of financial institutions, fiduciaries and others in bonds and mortgages accepted by Federal Housing Administration, debentures issued thereby, and obligations of national mortgage associations 86.630
Eligibility of securities described in ORS 86.620 as security for deposits, investment or reserve of securities 86.640
Applicability of other laws requiring security or regulating loans and investments 86.705
Definitions for ORS 86.705 to 86.815 86.707
Additional definitions for ORS 86.726, 86.729, 86.732, 86.736, 86.741, 86.744 and 86.748 86.710
Trust deeds authorized to secure performance of obligation 86.713
Qualifications of trustee 86.715
Trust deed deemed to be mortgage on real property 86.720
Reconveyance upon performance 86.722
Correction of error concerning status or effect of trust deed 86.726
Resolution conference for foreclosure 86.729
Scheduling and notice for resolution conference 86.732
Attendance at resolution conference 86.736
Certificate of compliance 86.741
Attorney General duties and powers 86.744
Foreclosure Avoidance Fund 86.748
Determination of ineligibility for foreclosure avoidance measure 86.752
Foreclosure by advertisement and sale 86.756
Notice to grantor 86.761
Failure to give notice to grantor 86.764
Notice of sale for certain persons 86.767
Failure to give notice of sale 86.771
Contents of notice of sale 86.774
Service and publication of notice 86.778
Discontinuance of foreclosure proceedings after cure of default 86.782
Sale of property 86.786
Request for information from trustee 86.789
Information provided by trustee 86.794
Disposition of proceeds of sale 86.797
Effect of sale 86.800
Contents of trustee’s deed to purchaser 86.803
Recitals in trustee’s deed and certain affidavits as prima facie or conclusive evidence 86.806
Requests for copies of notice of default or notice of sale 86.809
Compensation of trustee 86.812
Impermissible conditions for approving short sale or sale of note 86.815
Time within which foreclosure must be commenced 86.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 86.771’s source at oregon​.gov