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Can You Walk Away from a Mortgage in Oregon?
On our segment today about Obama's proposed mortgage relief plan, our guest mentioned he wasn't sure whether Oregon was a state where the lender would have legal options to pursue a homeowner who walked away from a mortgage. So after the show, we talked to Jeffery Dobbins, a professor of law at Willamette University. He said that lenders in Oregon DO legally have that option, but it is rarely exercised. That's in part because it's an expensive and time-consuming process, which doesn't often pay off unless the former home owners have substantial assets, which most people walking away from a mortgage don't have.