I had a "negotiator" with Wells Fargo on a home equity line tell me that there would be no deficiency because Oregon was a "deficiency debt release" state and sure enough the approval letter releases deficiency. However, the 1st lien with Wells Fargo retains right to pursue deficiency...so homeowner will not go thru with short sale because of concern for deficiency hanging over him for next 6 yrs. What is experience with state of Oregon and deficiency?
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Wells Fargo uses that language as standard practice. Purchase money loans for primary residence do not have deficiency in Oregon. This does not necessarily apply if the homeowner had refinanced or converted to an investment property. I would recommend checking with a local attorney to confirm. I can put you in touch with someone at your request.