Question 1

Is Oklahoma a judicial or non-judicial foreclosure state?

Accepted Answer

Both. Oklahoma mortgages may be foreclosed through the courts (judicial foreclosure), or, if the mortgage grants a power of sale in the required bold, underlined language, by a power-of-sale (non-judicial) sale under 46 O.S. §§ 40 and following. For a homestead, the homeowner can force the lender to use judicial foreclosure by sending the lender written notice by certified mail, at least 10 days before the scheduled sale, that the property is the homestead and judicial foreclosure is elected, and recording a copy with the county clerk. The lender may also stop a power-of-sale proceeding at any time before the sale and switch to judicial foreclosure.

Question 2

What notice is required before a foreclosure sale in Oklahoma?

Accepted Answer

For a power-of-sale foreclosure: (1) the lender must first send a written notice of intention to foreclose by certified mail, stating the default, the amount or action needed to cure, and that the homeowner has 35 days from the date the notice is sent to cure; (2) a written notice of sale must then be personally served on the homeowner at least 30 days before the sale (publication is allowed if personal service cannot be made after due diligence); (3) the notice of sale must be published in a legal newspaper in the county at least one day a week for four consecutive weeks, with the first publication at least 30 days before the sale; and (4) the notice must be recorded with the county clerk. The notice of sale must explain the right to redeem, the homestead right to elect judicial foreclosure, and the homestead right to elect against a deficiency judgment.

Question 3

How long does foreclosure take in Oklahoma?

Accepted Answer

Minimums set by statute for a power-of-sale foreclosure: a 35-day cure period after the notice of intention to foreclose is sent (the notice of sale may not be given or recorded until this requirement is met), then personal service of the notice of sale at least 30 days before the sale, with newspaper publication for four consecutive weeks starting at least 30 days before the sale.

Question 4

Can you stop a foreclosure by catching up on payments in Oklahoma?

Accepted Answer

Yes, for power-of-sale foreclosures. The notice of intention to foreclose must tell the homeowner of the right to cure the default within 35 days from the date the notice is sent and thereby reinstate the mortgage. A homestead owner who has defaulted more than four times in 24 months after receiving such notices (more than three times for a non-homestead owner) is not entitled to another notice. The homeowner may also redeem by paying all principal, interest and other sums secured by the mortgage before the deed is delivered after the sale.

Question 5

Is there a right of redemption after foreclosure in Oklahoma?

Accepted Answer

In a power-of-sale foreclosure, the notice of sale must advise the homeowner of the right to redeem the property by paying all principal, interest and other sums secured by the mortgage to the lender before the deed is executed and delivered after the sale.

Question 6

Can the lender come after you for the rest of the loan after foreclosure in Oklahoma?

Accepted Answer

In a power-of-sale foreclosure of a homestead, the homeowner can block a deficiency judgment by sending the lender written notice by certified mail, at least 10 days before the sale, that the property is the homestead and that the homeowner elects against a deficiency judgment; the lender may contest the homestead claim within 90 days after its deed is recorded. For non-homestead property, the borrower is liable for any deficiency (including sale costs and agreed attorney's fees), but the lender must sue within 90 days after the sale, and the deficiency is reduced if the borrower shows the property's fair market value on the sale date exceeded the sale price.

Question 7

What must a home seller disclose in Oklahoma?

Accepted Answer

Yes. A seller must give the buyer either (1) a written property condition disclosure statement on the Oklahoma Real Estate Commission's form, covering items included in the sale and the seller's actual knowledge of defects in areas such as water and sewer systems, flooding, structure and roof, plumbing, electrical and HVAC, wood-destroying organisms, fire or tornado damage, hazardous materials and prior methamphetamine manufacturing; or (2) a written property disclaimer statement on the Commission's form, used when the seller has never occupied the property and has no actual knowledge of any defect.

Question 8

Where can homeowners get free foreclosure help in Oklahoma?

Accepted Answer

The Oklahoma Housing Finance Agency (OHFA) says its Oklahoma Homeowner Assistance Fund closed to new applications on March 20, 2024, and refers homeowners who need help to the 995HOPE foreclosure prevention line (888-995-HOPE / 4673), Legal Aid Services of Oklahoma, and the VA and FHA foreclosure-avoidance resources.

Judicial or non-judicial	Both. Oklahoma mortgages may be foreclosed through the courts (judicial foreclosure), or, if the mortgage grants a power of sale in the required bold, underlined language, by a power-of-sale (non-judicial) sale under 46 O.S. §§ 40 and following. For a homestead, the homeowner can force the lender to use judicial foreclosure by sending the lender written notice by certified mail, at least 10 days before the scheduled sale, that the property is the homestead and judicial foreclosure is elected, and recording a copy with the county clerk. The lender may also stop a power-of-sale proceeding at any time before the sale and switch to judicial foreclosure. No official page reviewed states which method is most common. Source: 46 O.S. §§ 43, 49
Required notices	For a power-of-sale foreclosure: (1) the lender must first send a written notice of intention to foreclose by certified mail, stating the default, the amount or action needed to cure, and that the homeowner has 35 days from the date the notice is sent to cure; (2) a written notice of sale must then be personally served on the homeowner at least 30 days before the sale (publication is allowed if personal service cannot be made after due diligence); (3) the notice of sale must be published in a legal newspaper in the county at least one day a week for four consecutive weeks, with the first publication at least 30 days before the sale; and (4) the notice must be recorded with the county clerk. The notice of sale must explain the right to redeem, the homestead right to elect judicial foreclosure, and the homestead right to elect against a deficiency judgment. Source: 46 O.S. §§ 44, 45
Time frames set by law	Minimums set by statute for a power-of-sale foreclosure: a 35-day cure period after the notice of intention to foreclose is sent (the notice of sale may not be given or recorded until this requirement is met), then personal service of the notice of sale at least 30 days before the sale, with newspaper publication for four consecutive weeks starting at least 30 days before the sale. Source: 46 O.S. §§ 44, 45
Right to catch up (reinstate)	Yes, for power-of-sale foreclosures. The notice of intention to foreclose must tell the homeowner of the right to cure the default within 35 days from the date the notice is sent and thereby reinstate the mortgage. A homestead owner who has defaulted more than four times in 24 months after receiving such notices (more than three times for a non-homestead owner) is not entitled to another notice. The homeowner may also redeem by paying all principal, interest and other sums secured by the mortgage before the deed is delivered after the sale. Source: 46 O.S. §§ 44, 45

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