 Summary of an Oklahoma Foreclosure Documents Needed to Begin Foreclosure 1. A copy of the RECORDED Mortgage 2. A copy of the Note 3. A copy of the RECORDED Assignment, if Applicable 4. Breakdown of Arrearages, i.e. date delinquency started, monthly payment, monthly late charges and any other costs that may have been paid, i.e. taxes, insurance, inspections, etc. The only method of foreclosure in Oklahoma is judicial. The first step of a judicial foreclosure is to determine who the interested parties in the property being foreclosed are. This is done by a foreclosure report from a title company. A notice of the foreclosure lawsuit is filed in the real estate records. All interested parties are served with a copy of the summons and complaint. Generally, to serve an interested party means to give to him a copy of the summons and complaint in any manner reasonably calculated, under all of the circumstances, to apprise him of the existence and pendency of the foreclosure lawsuit and to afford him a reasonable opportunity to appear and assert his point of view. Personally serving the party or his agent are the preferred methods of service and permit the court to enter a personal judgment, including a deficiency judgment. Service by mail or publication generally allows the court to order foreclosure, but not a personal judgment, including a deficiency judgment. If any interested party interposes objections to the foreclosure, the court must resolve these objections. If no objections are filed by any interested party, the court will enter a judgment of foreclosure approximately forty-five (45) days (60 days if the U.S.A. is a party) after all interested parties have been served. If the property has been appraised, a statutory six-month delay in the foreclosure sale is excused. If the appraisals indicate that a bid equal to two-thirds of the appraisal amount will pay the judgment in full, no deficiency will be permitted. In no event can a bid of less than two-thirds of the appraisal be accepted. Notice of the foreclosure sale must be given to all interested parties by: publication, posting (at the courthouse and five other public places), recording in the real estate records, and mailing. The notice must state the liens of inferior parties, which will be extinguished by the sale. The foreclosure sale is held at the county courthouse. It cannot be held earlier than thirty days after the first publication of the sale notice. Whether a sale date can be continued is unclear, but if authority is given in the court decree, that would seem sufficient. After the foreclosure sale, there must be a confirmation hearing. All interested parties must be served with notice of this hearing by mail and sometimes by publication. If a deficiency judgment is desired against a person, that person may have to be served personally. If a request for a deficiency is not made within ninety days after the sale, the sale is conclusively presumed to have been payment in full of the debt. Up to the confirmation hearing there is a right of redemption.
The foreclosing creditor could, up to confirmation, allow reinstatement,
but there is no statute prescribing reinstatement. |
| Oklahoma Capital – Oklahoma City The Sooner State Judicial Oklahoma Bar Association Foreclosure |
