In general, an exculpatory clause is a clause that eliminates a partys liability for damages caused by a breach of contract. A common type of exculpatory clause involves limiting liability on a loan to the collateral. In other words, if there is a default, the contract says that the damages will be limited to execution on the collateral (i.e., foreclosure on the property covered by the mortgage or deed of trust).
Oregon Exculpatory Clause or Nonrecourse Provision in Mortgage regarding Deficiency Judgment
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A nonrecourse debt (loan) does not allow the lender to pursue anything other than the collateral. For example, if a borrower defaults on a nonrecourse home loan, the bank can only foreclose on the home. The bank generally cannot take further legal action to collect the money owed on the debt.
An exculpatory clause is a contract provision that relieves one party of liability if damages are caused during the execution of the contract. The party that issues the exculpatory clause is typically the one seeking to be relieved of the potential liability.
In Oklahoma, most homeowners who stop making their mortgage payments will face a judicial foreclosure. But under certain circumstances, the lender can choose to avoid litigation and foreclose nonjudicially. If the lender opts for a nonjudicial foreclosure, you can force it to go through the courts instead.
Look Up Your State Law These are known as ?nonrecourse states,? and they include Alaska, Arizona, California, Connecticut, Idaho, Minnesota, North Carolina, North Dakota, Oregon, Texas, Utah and Washington.
Right to Redeem in a Judicial Foreclosure In Oklahoma, the court must confirm (approve) the sale after it takes place as part of the judicial foreclosure process. You can redeem the home up until the court confirms the sale.
Based on information compiled by the National Consumer Law Center (NCLC), at least 10 states can be generally classified as non-recourse for residential mortgages: Alaska, Arizona, California, Hawaii, Minnesota, Montana, North Dakota, Oklahoma, Oregon, and Washington.
These states are usually called "nonrecourse" states. Kansas, though, does not fall into this category. Kansas law allows deficiency judgments. In Kansas, a bank may generally get a deficiency judgment against the borrower.
