How Foreclosure Works in Oklahoma

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.

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.

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.

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.