Oklahoma Foreclosure Help – Stop Foreclosure in Oklahoma


Finding Foreclosure Help in Oklahoma

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Oklahoma City Field Office

Department of Housing and Urban Development
301 NW 6th Street, Suite 200
Oklahoma City, OK 73102

Phone: (405) 609-8509

Fax: (405) 609-8982

Jerry Hyden
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Tulsa Field Office

Department of Housing and Urban Development
Williams Center Tower II
2 West Second Street, Suite 400
Tulsa, OK 74103
Phone: (918) 292-8900

Fax: (918) 292-8993

Jerry Hyden
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Oklahoma Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is available.
  • The primary security instruments are the mortgages and deeds of trust.
  • The timeline can vary by process, which typically takes 90 days.
  • The borrowers have no rights of redemption.
  • The lender is allowed to sue for deficiency judgements depending on the case

The lenders in Oklahoma can opt to foreclose their mortgages in default by the non-judicial or the judicial process.

Judicial Foreclosure
If there is not power of sale clause given in the mortgage, the judicial foreclosure process is done. When this is done, it involves filing a lawsuit before actually giving a court order for the foreclosure. If approved, the property will be auctioned off and sold to the highest bidder.

The only condition that is needed for the property to be appraised before it is sold is when the borrower gives up the right to appraisal of the mortgage.

During the sale, the property must not be sold for less than 2/3 of the appraised value of the property being auctioned off.

The lender is given an option to sure for deficiency judgement. This must be done within 90 days from the actual date of the sale. Once the foreclosure sale is confirmed, the borrower does not have any right to redeem the property as his own.

Non-Judicial Foreclosure
If a power of sale clause it present, the non-judicial process is followed. The power of sale clause indicates that the borrower has given authority to the lender to sell the property if the mortgage is found in default. The section below gives a clearer view on how the actual sale is done.

Power of Sale Foreclosure Guidelines
The power of sale clause includes all the details needed for the sale to push through. This should indicate the time, terms, date and location of the sale. All of these must be followed if indicated.

If the details mentioned are not included in the power of sale, you should follow the proper guidelines.

  • The borrower must be informed of any intent to foreclose the mortgage or deed of trust. He should receive it by mail with complete details.
  • The borrower’s defaults should be indicated and the condition that he should be able to settle within 35 days.
  • If the mortgages has already 3 defaults, the lenders should not send any notice of intent to foreclose the property.
  • For the 4th default within the same year, there is no need for the lender to send any notice.

There should be an existing record of the notice to foreclose in the court. This should be in the county where the property us. It is allowed to have the notice filed on the next 10 days after the 35 days.

The newspapers must publish the notice of sale for the next 4 weeks. The first ad on the newspaper must be posted at least 30 days before the sale. It should be seen in the newspaper at least once a week.

As the auction proceeds, the property then goes to the highest bidder. The borrower may auction the property as long as he is the highest bidder. If the property goes to someone else, he will have to pay 10% of the bid on the spot with cash. The lender has the option to sell the property to the next highest bidder if he is unable to pay the downpayment.