Foreclosure Process Overview
In Oklahoma, foreclosures are conducted either in court or out of court. The total foreclosure process takes 6-7 months in Oklahoma.
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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