TRUST DEED FORECLOSURE - Professional Liability Fund
TRUST DEED FORECLOSURE - Professional Liability Fund TRUST DEED FORECLOSURE - Professional Liability Fund
B. C. 9. Affidavit of Compliance stating beneficiary has complied with requirements forbeneficiary’s notice of determination. A copy of this Affidavit must be mailed to theOregon Dept. of Justice at least 20 days before sale. SB1552, §4a. 3[SET 10 DAY TICKLE to make sure title company acknowledges recording.] Check to make suresale date is calendared. Conform file copy with date documents are recorded.[SET 5 DAY TICKLE for receipt of recorded documents.]Step 10: Prepare for Sale A. B. C. D. E. F.20 DAYS PRIOR TO SALE, make all preparations for sale. 1. Prepare script, leaving amount blank (sample 14). Include both street address and legaldescription of property. 2. Prepare Trustee's Deed (SN 1175) leaving grantee and amount blank (check each item,especially grantor and legal description). 3. Copy and assemble original recorded documents (recording dates must show on copies)and place originals in folder to be forwarded to beneficiary. 4. Check recording dates: a. Notice of Default recorded 120 days before date of sale? b. Was service completed 120 days before sale? c. Is recording complete? d. Federal tax lien check complete? e. Sale date on attorney calendar? 5. Compute fees and expenses and prepare Bid Statement (samples 15, 16). Get currentcosts from bookkeeper and pre-bills. Show beneficiary and attorney expensesseparately. Include copying telephone and postage costs (do not overlook costs incurredafter sale). Include recording costs for Trustee's Deed if paid by attorney. 6. Confirm copy of Affidavit of Compliance mailed to DOJ.At least 14 days prior to sale, confirm that written statements of information under ORS 86.757(i) havebeen provided not later than 15 days before the date of sale to any of the following parties entitled torequest such a statement: the grantor, an occupant, a holder of a junior lien or any person interestedin bidding at the sale. The information should be provided by a method calculated to establish proof ofdelivery at least 7 days before the date of sale, e.g. certified mail, return receipt requested.Contact client regarding sale. 1. Confirm that default has not been cured. 2. Conduct DMDC Military Verification Website (www.dmdc.osd.mil/appj/scra/scraHome.do)search to determine if grantor(s) are on active military duty. Prepare Certificate of Non-Military Service (sample 16a) and forward to client with instructions to sign after trustee'ssale has been completed. Include screenshot of the status report for the name submitted.[Servicemembers Civil relief Act; 50 USC App §501-596] 3. Request bid instructions in writing (if not already received). Must be received prior tosale. (Call 10 days before sale to confirm bid instructions. Make certain that costs ofSale Guarantee and publication have been included and note date and person you spokewith on computation sheet.) 4. Enclose amount due on sale. 5. Enclose copy of script for beneficiaries' bid.If Sale is out of the local area, send script, bid statement and Trustee's Notice of Sale to attorneywho will conduct sale (sample 17). If bid instruction incomplete, send documents with blanks andinform the attorney by telephone when instructions are received. [TICKLE 10 DAYS]Call Bankruptcy Court to see if bankruptcy of grantor has been filed during pendency offoreclosure. If so, advise client and determine how to proceed in bankruptcy action.Last day to cure is 5 days before sale. [SET TICKLE][SET TICKLE FOR TWO DAYS. Call client TWO DAYS BEFORE SALE to confirm bid amount and thatsomeone will be in attendance at sale.]3 The beneficiary must record the Affidavit of Compliance at least 20 days before sale in addition torecording the Certificate of Compliance before beginning foreclosure.Page 6 of 41 [Rev. 7/2012]PROFESSIONAL LIABILITY FUND (TRUST DEED FORECLOSURE CHECKLIST.DOC)
Step 11: Conduct or Postpone Sale A. Conduct sale. 1. Read script and accept highest bid for cash. ORS 86.755(1) 4 2. Notify client by telephone that sale was conducted and outcome of sale. B. Postpone sale. 1. Beginning July 11, 2012, a postponement must be announced at the time, date and placeof the sale and in most cases it must also be noticed by personal service on all partieswho were given notice of the sale. Service must occur at least 15 days before the newsale date. No service is required for a single postponement for not more than twocalendar days made by announcement. SB1552 §9, 10. In the event of a bankruptcyfiling, the sale must be postponed or rescinded, again by personal appearance at thetime and place set for sale. Unless the beneficiary has participated in obtaining a stay,after release from stay the foreclosure proceedings shall continue as if uninterrupted ifwithin 30 days after release the trustee sends amended notice of sale by registered orcertified mail to the last known address of persons listed in ORS 86.740 and 86.750 (1),and to the address provided by each person who was present at the time and place setfor the sale that was stayed, and to the address provided by each member of the Bar whorequests it and meets the requirements of 2009 HB 3004(5)(b) or by posting a true copyor a link to a true copy of the amended notice of sale on the trustee's internet website. Anew 20 day notice will have to be mailed before the sale is actually conducted. Mail 20day notice within 30 days of relief by certified and regular mail. (samples 18, 19, and 20) 2. Calendar new sale date: 3. SET TICKLE FOR 30, 10, AND 2 DAYS BEFORE NEW SALE DATE. 4. SET TICKLE FOR 150 DAYS AFTER POSTPONED SALE DATE to be sure sale isconducted within 180 day period. C. Request Third Supplemental Trustee's Sale Guarantee if sale is postponed to determine whethernew federal tax liens have been filed between old and new sale date. (Follow Step 7) D. Reinstatement. If loan is to be reinstated send Reinstatement and Payoff letters (samples 21,22). If sale did not take place because the loan was reinstated, prepare and record a rescissionof notice of default. SN 886.[SET 10 DAY TICKLE FROM SALE DATE].Step 12: Post-Sale A. 10 DAYS POST-SALE, Trustee must execute and deliver Trustee's Deed to purchaser within 10days following sale. ORS 86.755(3). B. Prepare Trustee's Deed (SN 1175). Record the Trustee's Deed as soon as possible to preventany argument about the intervention of a bankruptcy stay. Determine whether title company willrequire certificate of nonmilitary service as condition of issuing policy. If so, deliver original to titlecompany for recording. [SET 10 DAY TICKLE] C. Send letter to title company requesting an owner's policy of title insurance if desired bybeneficiary, recordation of Trustee's Deed, and affidavit of nonmilitary service. [SET 7 DAYTICKLE] D. If another bid exceeded client's bid: 1. See ORS 86.765. Disposition of proceeds. 2. Pay amount due to beneficiary, if required; 3. Pay subordinate lien holders by priority if all are in agreement. Otherwise, fileinterpleader and let the court decide. 4. Pay surplus, if any, to grantor. E. 11 DAYS POST-SALE, eviction of tenants.Call client to determine if tenant has moved. If tenant moved, note in file. If tenant has notmoved as of sale date and the client wants the tenant out, proceed with eviction proceedings.ORS 86.755(5) and ORS Chapter 90.4 Note: You may only postpone sale one time for no more than 2 days. If sale has not been postponedpreviously, consider postponement to verify funds.Page 7 of 41 [Rev. 7/2012]PROFESSIONAL LIABILITY FUND (TRUST DEED FORECLOSURE CHECKLIST.DOC)
- Page 3 and 4: D. 2. Exemption Affidavit (if exemp
- Page 8 and 9: Step 13: Closing File A. Letter to
- Page 10 and 11: SAMPLE 2 - LETTER TO TITLE COMPANY
- Page 12 and 13: SAMPLE 4 - DEFAULT LANGUAGE (step 4
- Page 14 and 15: SAMPLE 6 - NOTICE REQUIRED BY THEFA
- Page 16 and 17: Our check payable to your order in
- Page 18 and 19: SAMPLE 9 - LETTER TO ATTORNEY CONDU
- Page 20 and 21: SAMPLE 11 - LETTER TO NON-GRANTOR O
- Page 22: SAMPLE 13 - LETTER TO TITLE COMPANY
- Page 28: SAMPLE 17 - LETTER TO ATTORNEY COND
- Page 31 and 32: SAMPLE 20 - TRUSTEE’S SETOVER (st
- Page 33 and 34: SAMPLE 22 - PAY OFF LETTER (step 11
- Page 36 and 37: Help Web site at http://oregon.gov/
- Page 38 and 39: FORECLOSURE DEADLINESDATE OF SALE:A
- Page 41: TYPE OF SERVICE: 1. PS = Personal S
Step 11: Conduct or Postpone Sale A. Conduct sale. 1. Read script and accept highest bid for cash. ORS 86.755(1) 4 2. Notify client by telephone that sale was conducted and outcome of sale. B. Postpone sale. 1. Beginning July 11, 2012, a postponement must be announced at the time, date and placeof the sale and in most cases it must also be noticed by personal service on all partieswho were given notice of the sale. Service must occur at least 15 days before the newsale date. No service is required for a single postponement for not more than twocalendar days made by announcement. SB1552 §9, 10. In the event of a bankruptcyfiling, the sale must be postponed or rescinded, again by personal appearance at thetime and place set for sale. Unless the beneficiary has participated in obtaining a stay,after release from stay the foreclosure proceedings shall continue as if uninterrupted ifwithin 30 days after release the trustee sends amended notice of sale by registered orcertified mail to the last known address of persons listed in ORS 86.740 and 86.750 (1),and to the address provided by each person who was present at the time and place setfor the sale that was stayed, and to the address provided by each member of the Bar whorequests it and meets the requirements of 2009 HB 3004(5)(b) or by posting a true copyor a link to a true copy of the amended notice of sale on the trustee's internet website. Anew 20 day notice will have to be mailed before the sale is actually conducted. Mail 20day notice within 30 days of relief by certified and regular mail. (samples 18, 19, and 20) 2. Calendar new sale date: 3. SET TICKLE FOR 30, 10, AND 2 DAYS BEFORE NEW SALE DATE. 4. SET TICKLE FOR 150 DAYS AFTER POSTPONED SALE DATE to be sure sale isconducted within 180 day period. C. Request Third Supplemental Trustee's Sale Guarantee if sale is postponed to determine whethernew federal tax liens have been filed between old and new sale date. (Follow Step 7) D. Reinstatement. If loan is to be reinstated send Reinstatement and Payoff letters (samples 21,22). If sale did not take place because the loan was reinstated, prepare and record a rescissionof notice of default. SN 886.[SET 10 DAY TICKLE FROM SALE DATE].Step 12: Post-Sale A. 10 DAYS POST-SALE, Trustee must execute and deliver Trustee's Deed to purchaser within 10days following sale. ORS 86.755(3). B. Prepare Trustee's Deed (SN 1175). Record the Trustee's Deed as soon as possible to preventany argument about the intervention of a bankruptcy stay. Determine whether title company willrequire certificate of nonmilitary service as condition of issuing policy. If so, deliver original to titlecompany for recording. [SET 10 DAY TICKLE] C. Send letter to title company requesting an owner's policy of title insurance if desired bybeneficiary, recordation of Trustee's Deed, and affidavit of nonmilitary service. [SET 7 DAYTICKLE] D. If another bid exceeded client's bid: 1. See ORS 86.765. Disposition of proceeds. 2. Pay amount due to beneficiary, if required; 3. Pay subordinate lien holders by priority if all are in agreement. Otherwise, fileinterpleader and let the court decide. 4. Pay surplus, if any, to grantor. E. 11 DAYS POST-SALE, eviction of tenants.Call client to determine if tenant has moved. If tenant moved, note in file. If tenant has notmoved as of sale date and the client wants the tenant out, proceed with eviction proceedings.ORS 86.755(5) and ORS Chapter 90.4 Note: You may only postpone sale one time for no more than 2 days. If sale has not been postponedpreviously, consider postponement to verify funds.Page 7 of 41 [Rev. 7/2012]PROFESSIONAL LIABILITY FUND (<strong>TRUST</strong> <strong>DEED</strong> <strong>FORECLOSURE</strong> CHECKLIST.DOC)
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