Oregon – HB 3244 Modifies Methods for Calculating Payoff Amount to Satisfy a Mortgage

The governor signed House Bill 3244 on June 16. This bill provides that a borrower or borrower’s agent may rely on lender’s payoff statement for the amount required to satisfy or discharge a mortgage, and that any amounts not listed in the payoff statement can only be recovered as unsecured debt or by foreclosure on other secured property. The new law became effective immediately.