Oklahoma foreclosure laws provides two foreclosure processes viz the judicial, managed by the longstanding rule of case law equity, and some orders and non-judicial sales are governed by the Oklahoma Power of Sale Mortgage Foreclosures Act, that was authorized in 1986.
Oklahoma foreclosure laws
The Judicial Foreclosure process in Oklahoma according to Oklahoma foreclosure laws starts by the filing of the lawsuit, the court in turn orders for the foreclosure. There is a filing of lis pendens. The court issues the verdict and proclamation of judgment is filed with county clerk. After the declaration of the foreclosure, the order for sale follows. The property should be reviewed before the foreclosure auction.
Oklahoma Foreclosure Notice of Sale
The notice of sale should be published in the region's newspaper where the foreclosed homes for sale is located once in a week for 3 successive weeks, the first one must appear not less than 25 days before the date of sale.
Sheriffs Sale
The foreclosed properties were sold at the public auction to the highest bidder at the exact time specified in the notice. The highest bidder is required to remit the amount in cash within a stipulated time limit, if he is unable to do so, then the lender can opt for the next top bid. If the property sold is less than two-thirds of the appraised value then the lender can file a deficiency judgment, within 90 days of the foreclosure auction.
Procedure for repossessed homes for sale when there is power of sale clause involved
Non-judicial Foreclosure
The lender must send a written notice of purpose to foreclose by power of sale to the borrower. The notice describes the non-payment of the borrower under the loan, 35 days is given to the borrower from the day when the notice is sent. The notice must describe the nature of the borrower's default on the loan. The borrower is informed that if the foreclosed real estate is owned by him, then the borrower has 10 days to choose the judicial foreclosure.
The notice of sale should be published in the region's newspaper where the foreclosed homes for sale is located once in a week for 3 successive weeks, the first of all should come out within 30 days earlier to the foreclosure sale. In the foreclosure auction the homes repossessed will be purchased by the highest bidder.
Redemption of the property
Immediately after the court reasserts the foreclosure sale, rescue of the property is not possible in the Non Judicial foreclosure, while the borrower can recover the foreclosed property in anticipation to the sale of the foreclosed property.
Deficiency Judgment
The lenders in Oklahoma state have the privilege to acquire deficiency judgment. The Oklahoma Power of Sale Mortgage Foreclosure Act, states that the deficiency judgment actions should set about 90 days subsequently the date of the sale of the property.
