Oklahoma Foreclosure Law

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Oklahoma Foreclosure Laws

Typical Oklahoma Foreclosure Time Frame – Typical Oklahoma foreclosure times last approximately 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – No

Oklahoma foreclosure laws provide lenders with both judicial and non-judicial foreclosure proceedings with which to correct defaults in a mortgage.  The judicial foreclosure is only permitted to be used in the absence of a power of sale stipulation or clause.  If a power of sale clause is included in the mortgage contract then the non-judicial method must be used.

In Oklahoma foreclosure law a judicial foreclosure involves the lender suing the borrower in order to obtain an Order to Foreclose.  The property must then be appraised unless the borrowers waive the right to an appraisal.  The home is not permitted to be sold for any less than 2/3rds of the appraised value of the home.  Once the sale is complete the lender may sue for a deficiency judgment; however, this must be done no later than 90 days after the date of the sale.

According to Oklahoma foreclosure laws, in a non-judicial foreclosure the power of sale clause pre-authorizes the lender to sell the property in the event of a default.  If the power of sale clause indicates the time, location and terms of the sale then it must be followed exactly.  If the power of sale clause does not specify the terms then the guidelines set forth by the Oklahoma foreclosure laws must be followed.

A notice of intent to foreclose is required to be completed by the lender.  This must include information about the borrower, the lender, the amount that is in default, a legal description of the property, address of the property and the time, date, and location of the sale.  This must be mailed to the borrower by certified or registered mail to the last known address.  This notice gives the borrowers a period of 35 days in which to correct the default.

If the borrower has not corrected the default within the 35 days allowed, the lender is required to file a copy of the notice with the county clerk within 10 days of the day 35.  In addition, the notice must also be published daily in the public newspaper for the area of the property for a minimum of 4 weeks, this must begin no later than 30 days before the date of the sale.
In Oklahoma, if the borrower is able to correct the default the foreclosure is stopped; however, if the default is repeated three or more times in 24 months, then no further notice by the lender to the borrower is required to foreclose.

The sale itself is required to take place at a public location and be a public auction.  The place, date and time must be included in the notice.  The high bidder is required to pay a deposit of 10% of the sale price by cash or certified funds.  If this is not possible, the next highest bid will be accepted.

For more information on Oklahoma foreclosure laws click here.


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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.