Oklahoma Foreclosures and Foreclosed Homes for Sale

Oklahoma allows lenders to use either non-judicial or judicial foreclosures, depending on the terms of the mortgage. Some Oklahoma mortgages contain clauses allowing lenders to foreclose out of court, but these are rare. Instead, the restrictive Oklahoma law often forces lenders to go through the courts in order to foreclose on real estate.

To begin the foreclosure process, most lenders have to file a lawsuit in court after sending notices of default to the borrower. The court will then give the borrower time to respond to the charges. If the borrower does not respond in the specified timeframe, usually around 20 days, the court will rule in favor of the lender, and will allow a public sale to be scheduled.

A notice of sale must be filed in the county courthouse and printed in a local newspaper every day for four weeks. Since the notice of sale appears so frequently before the auction date, it is a good idea to thoroughly search your local newspaper for upcoming auctions in your area. The notice of sale will have a wealth of pertinent information, such as the auction date and time, as well as the terms of the sale.

On the day of the auction, the county sheriff will start the bidding at two-thirds of the appraised value of the property, if there is one. If no appraisal was made prior to the auction date, there will be no minimum bid. The auction winner must make a 10 percent deposit in certified funds or cash by the end of the day. After the auction is over, the court will confirm the sale. During this time, the previous borrower may pay off the default amount in full in order to redeem the property. However, once the sale is confirmed, ownership is transferred to the winning bidder, and the previous borrower's redemption rights are terminated.

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