If you are facing foreclosure in Oklahoma, it’s important to understand some of the basics, including:
- the most common type of foreclosure procedure (judicial v. nonjudicial) used in Oklahoma
- how much time you have to respond
- your rights and protections in the process, and
- what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).
Below we have outlined some of the most important features of Oklahoma foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.
|Common type of foreclosure process||Judicial Nonjudicial: allowed, but homeowner can choose to have judicial foreclosure|
|Time to respond||Judicial: After foreclosing party files lawsuit, homeowner has 20 to 30 days to respond. After the court issues a foreclosure judgment, foreclosing party must serve a notice of sale on homeowner. If notice is mailed, it must be served at least ten days before the sale; if published, publication must start 30 days before the sale. Nonjudicial: Foreclosing party must give homeowner a 35-day notice of intent to foreclose and a 30-day notice of sale. Homeowner must also be notified of the right to choose judicial foreclosure.|
|Reinstatement of loan before sale||Nonjudicial: within 35 days of service of notice of intent to foreclose|
|Redemption after sale||Allowed until court confirms sale|
|Special protections for foreclosures involving high-cost mortgages||None|
|Special state protections for service members||Okla. Stat. tit. 44, § 208.1|
|Deficiency judgments||Available, but amount limited by market value of property. Lender must ask the court for deficiency judgment within 90 days after sale.|
|Cash exempted in bankruptcy||None|
|Notice to leave after house is sold||Judge may order immediate possession by purchaser. Failure to move out may be punished as contempt of court.|
|Foreclosure statutes||Okla. Stat. tit. 12, §§ 686, 764 to 765, 773; Okla. Stat. tit. 46, §§ 41 to 49|