Oklahoma Foreclosure Laws

In Oklahoma they allow both the non-judicial and the judicial method of foreclosure to effect the termination. The time that it takes this to happen is generally in the range of about ninety days from start to finish of the proceeding.

The law does provide the lender with the ability to get a deficiency judgement based on the time limitation in the filing of the foreclosure and there is no right of redemption for the borrower upon the final confirmation of the sale of the property.

Unless the borrowers decide to waive their right to an appraisal of the property, the property must be appraised prior to sale. This is important because the property may not be sold for less than two thirds of the appraised value. The lender may sue for a deficiency judgment, but must do so within 90 days of the sale date.

A notice of intent to foreclose containing the information on both the borrower and lender must be made. It must include as well the street address of the property, a description of the property, the defaulted amount, and the time and place of sale. This must be sent to the borrowers at their last known address by registered or certified mail. With this notice the borrower has thirty-five days to cure the default.

The sale must be at public auction at the time, place and date in the notice. The successful bidder must post cash or certified funds equal to 10% of the bid amount. If they are unable to do so, the next highest bid may be accepted.

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