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Oklahoma Foreclosure Law Summary
WHAT IS A SHORT SALE
Quick Facts
WHY USE SHORT SALE US
- Judicial Foreclosure Available: Yes
SUCCESS STORIES
- Non-Judicial Foreclosure Available: Yes
WHO QUALIFIES FOR A SHORT SALE
- Primary Security Instruments: Deed of Trust, Mortgage
FAQs
- Timeline: Typically 90 days
SHORT SALE NEWS
- Right of Redemption: None
VALUE YOUR HOME
- Deficiency Judgments Allowed: Varies
STATE FORCLOSURE LAWS
In Oklahoma, lenders may foreclose on deeds of trusts or mortgages in
CONTACT US default using either a judicial or non-judicial foreclosure process.
HIRE US Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a
court order to foreclose, is used when no power of sale is present in the
mortgage or deed of trust. Generally, after the court declares a foreclosure,
your home will be auctioned off to the highest bidder.
However, unless the borrower waives the right to an appraisal in the
mortgage, the property must be appraised before it can be sold at foreclosure.
At the foreclosure sale, the property may not be sold for less than two-thirds of
the appraised value.
A lender may sue to obtain a deficiency judgment, but the action must be
taken within ninety (90) days after the date of sale. There can be no
redemption once the court confirms the foreclosure sale.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause
exists in a mortgage or deed of trust. A "power of sale" clause is the clause in
a deed of trust or mortgage, in which the borrower pre-authorizes the sale of
property to pay off the balance on a loan in the event of the their default. In
deeds of trust or mortgages where a power of sale exists, the power given to
the lender to sell the property may be executed by the lender or their
representative, typically referred to as the trustee. Regulations for this type of
foreclosure process are outlined below in the "Power of Sale Foreclosure
Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies
the time, place and terms of sale, then the specified procedure must be

2. followed. Otherwise, the non-judicial power of sale foreclosure is carried out
as follows:
A written notice of intention to foreclose by power of sale must be sent by
certified mail to the borrower at the borrower's last known address. The notice
must describe the defaults of the borrower under the loan, and give the
borrower thirty five (35) days from the date the notice is sent to cure the
problem. If the borrower cures the default within the thirty five (35) days, then
the foreclosure can be stopped. However, if there have been three (3)
defaults, then the lender need not send another notice of intent to foreclose,
and if the borrower has been in default four (4) times in the past twenty four
(24) months, and has been notified as above, then no further notice will be
required.
The notice must be recorded in the county where the property is located within
ten (10) days after the borrower has gone through the thirty five (35) day
notice period.
The notice must appear in a newspaper in the county where the property is
located once a day for four (4) consecutive weeks, with the first publishing
being not less than thirty (30) days before the sale.
Said notice must state the names of the borrower and lender, describe the
property (including the street address) and state the time and place of sale.
The property must be sold at public auction to the highest bidder at the time
and on the date specified in the notice. If the highest bidder at the sale is
anyone other than the borrower, they must post cash or certified funds equal
to ten (10) percent of the bid amount. If the highest bidder is unable to do so,
then the lender may proceed with the sale and accept the next highest bid.
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