Foreclosure Consequences - Consequences of Foreclosure

Foreclosure Consequences in Oklahoma - OK

Foreclosure Summary copyright, © ForeclosureLaw.org

Quick Facts

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Typically 90 days
Right of Redemption: None
Deficiency Judgments Allowed: Varies

In Oklahoma, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

However, unless the borrower waives the right to an appraisal in the mortgage, the property must be appraised before it can be sold at foreclosure. At the foreclosure sale, the property may not be sold for less than two-thirds of the appraised value.

A lender may sue to obtain a deficiency judgment, but the action must be taken within ninety (90) days after the date of sale. There can be no redemption once the court confirms the foreclosure sale.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A written notice of intention to foreclose by power of sale must be sent by certified mail to the borrower at the borrower's last known address. The notice must describe the defaults of the borrower under the loan, and give the borrower thirty five (35) days from the date the notice is sent to cure the problem. If the borrower cures the default within the thirty five (35) days, then the foreclosure can be stopped. However, if there have been three (3) defaults, then the lender need not send another notice of intent to foreclose, and if the borrower has been in default four (4) times in the past twenty four (24) months, and has been notified as above, then no further notice will be required.

1. The notice must be recorded in the county where the property is located within ten (10) days after the borrower has gone through the thirty five (35) day notice period.
   
2. The notice must appear in a newspaper in the county where the property is located once a day for four (4) consecutive weeks, with the first publishing being not less than thirty (30) days before the sale.
   
3. Said notice must state the names of the borrower and lender, describe the property (including the street address) and state the time and place of sale.
   
4. The property must be sold at public auction to the highest bidder at the time and on the date specified in the notice. If the highest bidder at the sale is anyone other than the borrower, they must post cash or certified funds equal to ten (10) percent of the bid amount. If the highest bidder is unable to do so, then the lender may proceed with the sale and accept the next highest bid.

More information on Oklahoma foreclosure laws

Learn all about foreclosure consequences in Alabama: AL, foreclosure consequences in Alaska: AK, foreclosure consequences in Arizona: AZ, foreclosure consequences in Arkansas: AR, foreclosure consequences in California: CA, foreclosure consequences in Colorado: CO, foreclosure consequences in Connecticut: CT, foreclosure consequences in Delaware: DE, foreclosure consequences in Florida: FL, foreclosure consequences in Georgia: GA, foreclosure consequences in Hawaii: HI, foreclosure consequences in Idaho: ID, foreclosure consequences in Illinois: IL, foreclosure consequences in Indiana: IN, foreclosure consequences in Iowa: IA, foreclosure consequences in Kansas: KS, foreclosure consequences in Kentucky: KY, foreclosure consequences in Louisiana: LA, foreclosure consequences in Maine: ME, foreclosure consequences in Maryland: MD, foreclosure consequences in Massachusetts: MA, foreclosure consequences in Michigan: MI, foreclosure consequences in Minnesota: MN, foreclosure consequences in Mississippi: MS, foreclosure consequences in Missouri: MO, foreclosure consequences in Montana: MT, foreclosure consequences in Nebraska: NE, foreclosure consequences in Nevada: NV, foreclosure consequences in New Hampshire: NH, foreclosure consequences in New Jersey: NJ, foreclosure consequences in New Mexico: NM, foreclosure consequences in New York: NY, foreclosure consequences in North Carolina: NC, foreclosure consequences in North Dakota: ND, foreclosure consequences in Ohio: OH, foreclosure consequences in Oklahoma: OK, foreclosure consequences in Oregon: OR, foreclosure consequences in Pennsylvania: PA, foreclosure consequences in Rhode Island: RI, foreclosure consequences in South Carolina: SC, foreclosure consequences in South Dakota: SD, foreclosure consequences in Tennessee: TN, foreclosure consequences in Texas: TX, foreclosure consequences in Utah: UT, foreclosure consequences in Vermont: VT, foreclosure consequences in Virginia: VA, foreclosure consequences in Washington: WA, foreclosure consequences in Washington, DC; foreclosure consequences in West Virginia: WV, foreclosure consequences in Wisconsin: WI, foreclosure consequences in Wyoming: WY