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Oklahoma Foreclosure Laws

Judicial Yes
Non-Judicial Yes
Process Period 186 Days
Sale Publication 30 Days
Redemption Period None
Sale / NTS Sheriff

Judicial Foreclosure: An in court proceeding is only used if there is not a power of sale clause present in the mortgage or deed of trust. Following a court decision to proceed with a foreclosure, the home is auctioned off to the highest bidder. However the borrower can waive the right to an appraisal, the property must be appraised before it can be sold at foreclosure. At the sale the property cannot be sold for less then two-thirds the appraised value.

Non-Judicial Foreclosure: An out of court proceeding is used when the power of sale clause has been included in the mortgage or deed of trust. A power of sale clause is a clause in which the borrower pre authorizes the sale of the property to pay off the balance on a loan in the event that the borrower defaults. Typically the regulations of this process are outlined in the clause itself.

Sale: If the borrower has defaulted on their mortgage a notice of intent to foreclose must be sent to the borrower. The notice of intent should include the default amount; the address of the property, and the place and time of the sale. The borrower should be given 35 days to cure the default. If the borrower doesn't cure the default the notice must be recorded with the county desk, the notice must also be published for four consecutive weeks in a local daily newspaper. The sale is carried out through a public auction. The highest bidder is awarded the property.

Additional Information on Oklahoma Foreclosure