Redemption and Deficiency Judgments in Oklahoma

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.

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.