The Oklahoma Foreclosure Process
Foreclosure is a legal means of terminating the rights of a property owner upon default of a mortgage loan. The Oklahoma foreclosure process is most often judicial --- requiring court intervention. Non-judicial foreclosures --- foreclosure by advertisement --- are also possible in Oklahoma, but are rare. The average time frame for the foreclosure process in Oklahoma is six to seven months.
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Default Notices
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In Oklahoma, the lender must send warning letters to the borrower, notifying that the mortgage loan payments are overdue. The warning letters serve as default notices and are the first step in the legal foreclosure process. The warning letter (or default notice) stipulations are outlined in the mortgage loan documents and must be followed.
Court
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After sending the required default notices, the lender then files a court action against the borrower for defaulting. The borrower must receive notice of the court action by mail and in person. Typically, the borrower has 20 days to respond to the court action. The court makes a foreclosure ruling after considering both the action and response filed. If the court decides in favor of the lender, the property tied to the defaulted loan is scheduled for a public foreclosure sale.
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Sale Notice
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Once the Oklahoma court schedules a public foreclosure sale for the property, a notice of sale must be recorded in the county where the property is located and published in a county newspaper once daily for four consecutive weeks. The initial newspaper notice must be dated at least 30 days before the foreclosure sale date. A notice of sale must include the date, place and time of the public foreclosure sale.
Sale
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The sheriff in the county where the foreclosed property is located presides over an Oklahoma public foreclosure sale. The opening bid for the property must equal at least two-thirds of the foreclosed property's appraised value, unless an appraisal is not available. There is no minimum bid required if an appraisal is not available. The property is sold to the highest bidder. The buyer must immediately supply at least 10 percent of the total sales amount in cash or certified funds.
Redemption
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The Oklahoma court must confirm the foreclosure sale after the public auction. The borrower has the right to pay off the full, outstanding amount owed and redeem the property up until the court confirms the sale. In general, it takes 15 days for the court to confirm the foreclosure sale. After the sale is confirmed, the borrower has no redemption rights.
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