Stop Foreclosure in Oklahoma

 


How to Stop Foreclosure in Oklahoma

There’s so much to know about foreclosure. One of the things you might want to learn about would be voluntary foreclosure. The idea is very simple. All you have to do is simply to volunteer and subject yourself to foreclosure if you know first hand that you can no longer pay your dues. Of course, although contacting you and following up on your payment is the work of your lender, it is important to do it yourself because some lenders have too many people to contact.

When you subject yourself to voluntary foreclosure, you are actually doing yourself a favor because for one, you would be able to stop yourself from incurring more interest and thus making it harder for you to pay your debt. When this happens, you will be faced with more troubles on your part.

Voluntary foreclosure can help you a lot and this option is available to a lot of people. True enough, you can no longer have your home and you can no longer live in your dream home but the thing is, in the end you are doing yourself a favor and saving yourself and your name at that too. Your records will be clean and will be as good as brand new and you wouldn’t have to worry about remembering monthly dates for your payments.

So the next time you find yourself in the problem that you have already subjected yourself to buying a home and later on realize that you cannot sustain the payment, then you should simply do yourself a favor and simply free yourself from such a problem. This way, you can save a lot of money and do yourself a favor at that. So consider this option now while you still can and technically do yourself a favor too.

Synopsis of Oklahoma Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 90 days

Right of Redemption: None

Deficiency Judgments Allowed: Varies

In Oklahoma, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

However, unless the borrower waives the right to an appraisal in the mortgage, the property must be appraised before it can be sold at foreclosure. At the foreclosure sale, the property may not be sold for less than two-thirds of the appraised value.

A lender may sue to obtain a deficiency judgment, but the action must be taken within ninety (90) days after the date of sale. There can be no redemption once the court confirms the foreclosure sale.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

A written notice of intention to foreclose by power of sale must be sent by certified mail to the borrower at the borrower’s last known address. The notice must describe the defaults of the borrower under the loan, and give the borrower thirty five (35) days from the date the notice is sent to cure the problem. If the borrower cures the default within the thirty five (35) days, then the foreclosure can be stopped. However, if there have been three (3) defaults, then the lender need not send another notice of intent to foreclose, and if the borrower has been in default four (4) times in the past twenty four (24) months, and has been notified as above, then no further notice will be required.

  1. The notice must be recorded in the county where the property is located within ten (10) days after the borrower has gone through the thirty five (35) day notice period.
  2. The notice must appear in a newspaper in the county where the property is located once a day for four (4) consecutive weeks, with the first publishing being not less than thirty (30) days
  3. Said notice must state the names of the borrower and lender, describe the property (including the street address) and state the time and place of sale.
  4. The property must be sold at public auction to the highest bidder at the time and on the date specified in the notice. If the highest bidder at the sale is anyone other than the borrower, they must post cash or certified funds equal to ten (10) percent of the bid amount. If the highest bidder is unable to do so, then the lender may proceed with the sale and accept the next highest bid.

Where to go to for Foreclosure Help

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

Stop Foreclosure Early

ZFG Mortgage
918-812-9374
5807 S. Garnett Rd
Tulsa, OK

The Home Team Mortgage
405 470-5512
5601 NW 72nd Street, Ste 262
Oklahoma City, OK

Bank of America – Northwest Expressway
405.773.1683
6901 Northwest Expressway
Oklahoma City, OK

Bank of America – Okc Main Motor Bank
405.230.5843
415 W Robert S Kerrr
Oklahoma City, OK

Chase Bank
(918) 296-2050
700 W Main
Jenks, OK

Great Plains Mortgage Company
918-742-7696
3115 S Winston
Tulsa, OK

Bank of America – Hunter Park
918.481.6529
9242 S Yale
Tulsa, OK

Chase Bank
(405) 378-0000
11920 S Western
Oklahoma City, OK

Bank of America – Southern Hills
918.481.3427
7110 S. Lewis
Tulsa, OK