Tulsa Oklahoma Foreclosure Help, Defense, Laws and Process


Being a home owner in Tulsa, Oklahoma is a dream to many. Now, thanks to mortgage help, this dream has been made a reality. Unfortunately the credit crunch has had a ripple effect to many homeowners across the state. Most mortgage rates have sky rocketed forcing many to foreclose on their properties in order to pay the loan. There other factors that may force you to foreclose such as divorce, death, medical expenses, loss of jobs etc. If you find yourself under the risk of foreclosure or just about to go through it, make sure you have your mortgage rights at your fingertips.

It is important as a first step to contact the nearest government housing agency. They are likely to give you government assistance that could help you save your home. If you are undergoing foreclosure the government help will be found within the HUD-approved Housing Counselor. The avoidance counselors are designated to supply information on the best routes to take if you’re foreclosing or provide you with foreclosure prevention tips that could help you save your properties according to the state laws.

It’s also vital to note that if you’re foreclosing, time will be of the essence. The faster you act, the better the chances are for you to save your home. Contacting your lender as soon as you realize you’re in financial trouble could help you in your loan re-negotiation. Loan modification at this stage is highly likely than much later. Procrastination will not help you save your home.

Stop Foreclosures in Tulsa, Oklahoma

If you find yourself facing foreclosure then the following guidelines may help you save your home in Tulsa, Oklahoma:

  • Do not ignore the problem. The longer you take to act the more expensive it will be for you in the long run. Procrastination is expensive especially if you have your loan reinstated.
  • Contact your lender as soon as possible. This will help you in loan re-negotiation.
  • Acknowledge the notices sent out to you by the lender. The first few notices may contain vital information on ways to prevent foreclosure.
  • Be aware of your mortgage rights. All government housing agencies will educate you on your rights as a mortgage owner.
  • Contact your HUD-approved Housing Counselor.
  • If you have valuable assets that may offset the loans then liquidate them.
  • File for bankruptcy. This will buy you time to help you search for the resources to pay your defaulted amount.

Tulsa, Oklahoma Foreclosure Process

In Oklahoma, foreclosures may be conducted in court or out of court. The Judicial foreclosure is conducted in the absence of a power of sale clause in the agreement or deed. In this situation, the lender sues the borrower through his attorney in order to obtain a court order to foreclose the properties. The property is then appraised and sold for no less than two thirds of the appraised amount.

In non-judicial foreclosure, the agreement contains the power of sale clause. This authorizes the lender to sell the property if the borrower defaults to recover the loan balance. If the agreement does not contain the time, place and terms of sale then the procedure is as follows:

  1. The borrower receives a notice of intent to foreclose that contains the defaulted amount and the information of the lender and borrower.
  2. This notice gives the borrower 35 days to cure the default.
  3. If the borrower fails to cure the default, the notice if then filed with the county clerk within 10 days of expiration and published daily for 4 consecutive weeks in the local newspaper.
  4. The property is then sold at a public auction at the designated time and place in the notice.
  5. The property is sold to the highest bidder.

It is highly advisable to repair your credit after you’ve gone through the foreclosure process.