Oklahoma foreclosure

The Oklahoma foreclosure process allows either judicial or non-judicial foreclosure to occur. In the judicial foreclosure process, the lender must file a lawsuit in order to start the foreclosure process.

As is usually the case, the judge will determine how much you need to pay in order to bring the loan current and stop the foreclosure process. You will then be given some time to pay the amount requested. If you don't pay in the time allowed, then the judge will order that a foreclosure sale be conducted.

Before the sale can take place, the property will be appraised and must be sold for at least 2/3rds of the appraised value. You, the borrower can waive this appraisal.

Within 90 days of the sale, the lender may be able to get a deficiency judgment. A deficiency judgment allows the lender to recoup the difference between what you owe on the loan and what the house sold for.

If the mortgage or deed of trust contains a power of sale clause, then the non-judicial foreclosure process can be used. The power of sale clause allows the lender to sell the house without having to go through the judicial system.

If the power of sale clause specifies the time, place and terms of the sale, then those terms are followed. However, if the power of sale doesn't contain this information, then the following procedure is followed:

1. You must be sent a written notice by certified mail stating the lender's intent to foreclose on your property.


2. You will be allowed 35 days from the date the notice was sent to cure the default and stop the foreclosure.


3. You can stop the foreclosure in this manner 3 times and still get notified each time. The 4th time, you will not have to be notified.


4. Within 10 days after the 35 days have passed, a notice must be posted at the courthouse of the county where the property is located.


5. This notice must also be published in a newspaper of that county once a day for 4 consecutive weeks.


6. The sale cannot occur until 30 days after the ad is first published


7. The notice must list the name of the borrower, the name of the lender, describe the property and state the time and place of the sale.


8. Finally, the property is sold at auction to the highest bidder.