How Long Does Foreclosure Take in Oklahoma?

Foreclosure proceedings can take as little as 90 days in Oklahoma.

The mortgage market collapse of 2008 left an unparalleled amount of foreclosures in its wake. In the state of Oklahoma, your mortgage can be foreclosed on and your home sold at public auction within 90 days of the first delinquent payment.

Default

Oklahoma recognizes two methods of foreclosure: "judicial" foreclosure and foreclosure by "power of sale." Every mortgage is designed differently, but it is common that a delinquent payment 30 days past due places your mortgage in a status of default. A lender usually moves forward with the next step of the foreclosure process on day 60 or day 90.

Judicial Foreclosure

Judicial foreclosures are settled by legal proceedings initiated by the lender, and are used when the mortgage does not contain a written clause for "power of sale." If the court rules in favor of foreclosure, the property is sold at public auction on a date declared by the mortgage company. The property cannot be sold for less than two-thirds of the appraised value.

Power of Sale

According to Oklahoma Title 46, a foreclosure by power of sale must be initiated with a notice from the lender, sent by certified mail, to the last known address of the borrower. The notice of foreclosure by power of sale must state the details of the mortgage default. The mortgage company must allow 35 days from the issue date of the letter for the borrower to resolve the debt. The foreclosure proceedings are stopped if the lender rectifies the debt within the 35-day period.

Due Diligence

Within 10 days after the lapse of the 35-day period, the lender must file a foreclosure notice in the office of the county clerk where the property is located. The lender must also publish a notice in the local newspaper each day for 28 consecutive days. The notice must disclose the name of the borrower and lender, the property address and the place and date of the auction.

Considerations

The highest bidder at the auction wins the right to purchase the property. If the highest bidder is unable to pay 10 percent of the sale price at the time of the auction, the lender may resume the bidding. A notice of intent to foreclose is not required if the mortgage has been in default four times within a 24-month period.

References

• Justia.com: 2010 Oklahoma Code Title 46 Mortgages Section 4664
• United States Foreclosure Laws: Oklahoma Foreclosure Law Summary