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If the satisfaction of mortgage isn't recorded, the property owner may have trouble when they try to refinance or sell the property. They'll have to chase down the discharge documents and get them recorded in order to clear the title. It can even cause a delay to the closing.

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.

The Oregon Trust Deed Act was established in 1959 to make the foreclosure process easier and faster by not involving the courts. The Act allows the lender to file a trust deed, which assigns the deed to a third-party (trustee).

Since Oregon is a tax deed state, that means the county seizes properties for nonpayment of property taxes and sells them at auction. Starting bids are around the amount of the delinquent property taxes owed, which are a small percentage of the assessed value.

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.

Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.