Oklahoma Foreclosure Timeline and Laws

Oklahoma Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

Oklahoma foreclosures are conducted by non-judicial foreclosure.  Judicial foreclosures rarely occur.

Notice Requirements for Foreclosure in Oklahoma

Before commencing foreclosure, the lender must send the borrower and interested parties written notice of intent to foreclose. The borrower has 35 days to cure the default. If the borrower has defaulted 3 times within the last 24 months, there is no additional notice required. For homestead property that has been in default more than four times in the last 24 months, no additional notice is required.

A copy of the notice of sale must be published at least 4 consecutive weeks in a newspaper of general circulation in the county where the property is located, and published not less than 30 days before the proposed sale. The notice must be personally served not less than thirty days prior to the date of the sale and recorded within ten days after the 35 day cure notice period.

Oklahoma Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount.

Oklahoma Redemption Rights

Oklahoma has no post-sale statutory right of redemption.

Oklahoma Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• Oklahoma Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

Oklahoma foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.