My lender is seeking a deficiency judgment. Are there any protections for borrowers in the state of Oklahoma?

Oklahoma foreclosure law, outlined in Title 46 of the Oklahoma Statutes under the Oklahoma Power of Sale Mortgage Foreclosure Act, does allow lenders to collect deficiency judgments against borrowers following a foreclosure sale, which does not repay the outstanding principal balance of the home loan. Under deficiency laws in Oklahoma, a lender is entitled to initiate a deficiency judgment within ninety (90) days following the foreclosure sale. A lender can only recover via deficiency judgment an amount based on the fair market value the property in question, but has the right to recover costs related to filing fees in the foreclosure and deficiency action.

Aside from the statute of limitations protection (must be filed within ninety (90) days) and the protections concerning deficient amount values based on the fair market value of the property, ex- homeowners facing deficiency judgments are often without much legal recourse, unless they involve a foreclosure lawyer. A number of viable defenses against a deficiency suit can be raised, including claims involving violations of consumer protection laws, breach of contracts, and other claims of illegal or unethical foreclosure practices engaged in by a lender. Foreclosure deficiency actions are simply lawsuits, meaning a borrower still has the same legal recourse to defend him or herself against the legal claims of a lender as in any other lawsuit. Although the process will require the insight and representation of a foreclosure, consulting with a foreclosure lawyer in Oklahoma will provide you the insight and information necessary to create a viable defense against deficiency actions by your lender.