Oklahoma Foreclosure Process Attorney

An Oklahoma Foreclosure Process Attorney can help you get through the process of foreclosure. If you are unable to pay your mortgage, your lender can initiate foreclosure to repossess the secured property. Going through the OklahomaOklahoma Foreclosure Process Attorney | Tulsa Bankruptcy Lawyers foreclosure process can be a stressful ordeal. Contact our Oklahoma foreclosure process attorney for legal guidance and representation. We can provide you with an array of legal options to help you keep your home and avoid foreclosure all together.

Judicial Foreclosure Process in Oklahoma:

Title 46 Oklahoma Statutes (Oklahoma Power of Sale Mortgage Foreclosure Act) Chapter 2A §43 governs the foreclosure process in Oklahoma. In Oklahoma, therefore, foreclosures are conducted through the court system if there is no power of sale present in the mortgage or deed of trust.

Judicial foreclosure requires lenders to file a petition with the court.  This obtains an award for damages of money due under the mortgage and releases the property to a foreclosure sale. In general, lenders wait 3 – 6 months after the non-receipt of payment to file a foreclosure petition. Here is a brief timeline explaining the foreclosure process in Oklahoma.

  1. Notice of Intent to Foreclose:

The Oklahoma foreclosure process starts with the lender sending the borrower a Notice of Intent to Foreclose. Your mortgage lender will send you this letter to provide you with notice that the foreclosure process has begun.  Do not disregard this notice. If you do not do anything to resolve your delinquent payments, you may lose your home within 3 – 6 months.

  1. Notice of Lawsuit:

The Notice of Lawsuit will be served upon you once your mortgage lender files a civil complaint for damages.  In addition, you receive a summons of appearance in court to contest the complaint. Hire an attorney to review the complaint and provide an answer. You must answer the complaint and appear in court. Failure to do so may result in an entering of default judgment against you.

  1. Borrower Response:

When you submit a response, it provides the opportunity to state why your home should not be foreclosed.

  1. Notice of Intent to Sale:

If the judge issues a judgment in favor of the lender, the lender will send you a Notice of Intent to Sale the property. At this time, you have 10 days to respond to the notice. You can however, avoid a foreclosure sale if you pay the remaining mortgage balance. Consult with a lawyer for legal guidance if you receive a Notice of Intent to Sale. You may be able to seek a loan modification, short sale, or file for bankruptcy protection to stop the foreclosure process and protect your property.

The Notice of Intent to Sale must be personally served on you no less than 30 days prior to the date of the sale and must be recorded within 10 days of the passing of the 35 day cure notice period.

  1. Foreclosure Auction:

If you are unable to pay the remaining balance of the mortgage, or file for bankruptcy, your property will be auctioned off. Moreover, if no one makes bids on the property, the lender becomes the owner by default.

  1. Repossession:

Upon the legal transfer of ownership, the lender will be able to repossess the property. Thus,  the lender initiates eviction action when you remain in the property after transfer.

You might find this article useful: Filing Oklahoma Bankruptcy During Lawsuits 

Oklahoma Non-Judicial Foreclosure Process:

A non-judicial foreclosure sale occurs if there is a power of sale clause in a mortgage or deed of trust. This clause provides for the borrower to pre-authorize the sale of their secured property to pay off the balance of the property’s mortgage note in the event of default. Hence, the power of sale clause outlines the time, place, and terms of the sale. If its silent then the lender must provide the borrower with Notice of Intent to Foreclose By Power of Sale.

The borrower receives 35 days from the sending date of the notice to cure the problem. Further, if the borrower cures within the required time frame, the foreclosure will stop. As a result, the lender must record the notice with the County 10 days into the 35 day notice period. By requirement, the lender publishes the notice in a local newspaper within the county once a day for 4 consecutive weeks.

Contact Oklahoma Foreclosure Process attorney About Bankruptcy:

If you have question for an Oklahoma foreclosure process attorney we can help. Our foreclosure and bankruptcy attorneys can explain the process to you. This includes how filing an Oklahoma bankruptcy might help. Call today for a free consultation with one of or Oklahoma foreclosure and bankruptcy attorneys.

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