Dennis Woods v. US Bank

In this case, two borrowers allege that the notice of nonjudicial foreclosure sale required by the Oregon Trust Deed Act (“OTDA”) failed to identify the proper beneficiary, and, therefore, the sale of their home was invalid. The district court dismissed the complaint, and we affirm.

A.

I.

In 2006, Dennis Woods and Golda Woods (hereinafter referred to collectively as ‘Woods”) executed a promissory note (“Note”) with Homefield Financial, Inc. (“Homefield”). Pursuant to the Note, Homefield loaned Woods $359,500 to purchase residential real property in Clacka-mas, Oregon (“Property”). The Note was secured by a deed of trust (“Trust Deed”) granting Homefield a security interest in the Property, and the Note was subsequently recorded in Clackamas County. The Trust Deed identifies the following parties: Woods as the borrowers; Home-field as the lender; Mortgage Electronic Systems (“MERS”) as the beneficiary; and Fidelity National Title as the trustee.

Woods defaulted on the Note in 2008. In September of 2010, MERS executed an assignment of the Trust Deed to U.S. Bank National Association (“USB”), and recorded the assignment in Clackamas County. Thereafter, USB appointed…