Oklahoma Foreclosure Law
In Oklahoma, foreclosures are conducted either in court or
out of court. The total foreclosure process takes 6-7 months in
Oklahoma.
Pre-foreclosure Period
The lender can proceed with foreclosure out of court as long
as the mortgage or deed of trust gives them the authority to do
so. However, the restrictions under Oklahoma law make it
difficult to initiate a foreclosure out of court, so this type
of foreclosure is rare. The majority of foreclosures in Oklahoma
are through the court system. After sending any required warning
letters to the borrower, the lender files in court against the
borrower for default on the loan. A notice of this court action
is also delivered in person and by mail to the borrower, after
which the borrower usually has 20 days to respond. If the court
decides to rule against the borrower, the property is scheduled
for public sale.
Notice of Sale / Auction
Notice of sale is recorded in the county where the property
is located. Notice is also published in a local newspaper in the
county where the property is located once each day for four
consecutive weeks. The first publishing date must be at least 30
days prior to the date of sale. The property is sold at a public
auction overseen by the county sheriff with an opening bid no
less than two thirds of the property's appraised value. In the
case where no appraisal was made, there is no minimum bid
required. The highest bidder must provide cash or certified
funds equal to 10 percent of their bid amount. If for any reason
the sheriff's sale is cancelled, the entire foreclosure process
starts over. After the sale, it takes about 15 days for the sale
to be confirmed by the court. The borrower can redeem the
property by paying off the full amount owed up until the sale is
confirmed. The borrower has no redemption rights after the sale
has been confirmed.
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