What Is the Foreclosure Process in Oklahoma?
Foreclosure happens when a homeowner fails to pay their mortgage payments, and the mortgage lender begins repossessing the home. Each state’s laws and regulations dictate how the foreclosure process works.
In Oklahoma, the mortgage lender determines whether the foreclosure process is judicial, meaning the courts are involved, or nonjudicial, which happens outside the court system. In either situation, the homeowner is facing the loss of a home and damage to their credit. Below, we’ll explain the details of each process and then look at how you can stop foreclosure in its tracks.
Foreclosure Process Types in Oklahoma
There are two types of foreclosures in Oklahoma – judicial and nonjudicial. Even though most foreclosures are judicial, it is essential to understand the difference between these two types.
Judicial Foreclosure
A judicial foreclosure involves the court system. The lender files a lawsuit in court to foreclose. A homeowner receives a summons and complaint notifying them of the lawsuit. If the homeowner fails to respond within 20 days, the lender has the right to receive a default judgment from the court. Based on this judgment, the lender can hold a foreclosure sale.
However, if the homeowner responds by filing an answer on time, the case goes through the litigation process. A lender can ask the court to grant summary judgment based on evidence and statements. If the summary judgment is not granted, the case proceeds to trial. If the summary judgment is granted, or the homeowner loses at trial, then the house will be sold at a foreclosure sale.
A notice of sale must be sent to the homeowner at least 10 days before the sale date, and the notice of sale must be published in a newspaper for two consecutive weeks.
Nonjudicial Foreclosure
Though most foreclosures in Oklahoma are judicial, a lender still has an option to foreclose outside of the court system instead. In order to start a nonjudicial foreclosure, a lender must mail a notice of intention to foreclose to a homeowner. The homeowner will have 35 days from the date of the notice to pay past-due amounts and avoid foreclosure. However, a lender does not have to send a notice if a homeowner has missed four mortgage payments and their property is a homestead, or if the lender has already sent notices.
If the default is not rectified within 35 days, the lender will send a notice to the homeowner that the sale will occur. This notice has to be sent at least 30 days before the date of the sale.
The notice also must be recorded in a county clerk’s office and be published in a newspaper at least once a week for at least four consecutive weeks.
Rights to Redeem the Property after the Foreclosure Process
According to Oklahoma law, a foreclosed homeowner has time after the foreclosure completed to redeem the property. In a judicial foreclosure, A homeowner can redeem the property up until the court confirms the sale. In a nonjudicial foreclosure, a homeowner can redeem the home up to the completion of the sale.
Sell Your Property to a Home Investor to Avoid Foreclosure
Few things are more devastating than going through a foreclosure and losing your home. If you have already missed a few mortgage payments and are close to facing foreclosure, it’s time to sell your home to a cash buyer. We Buy Houses Tulsa is a team of professionals and local residents, who understand what you are going through. We are ready to help you and buy your home as fast as possible, so you can avoid foreclosure. If you decide to work with We Buy Houses Tulsa, you will be able to sell your property fast. We’ll give you cash for your home, and you can immediately pay off the mortgage on your property. Your credit can be saved and you can get rid of this headache. All you need to do is to visit our website and fill out the form or give us a call at 918-739-6777.