If I Lose My Home to Foreclosure in Oklahoma, Can I Get It Back?

In Oklahoma, you can redeem your home within a short time after a foreclosure sale (judicial foreclosures only).

By , Attorney · University of Denver Sturm College of Law

In all states, including Oklahoma, you get the right to redeem the home before a foreclosure sale by paying off the entire mortgage loan. Redeeming the property will stop a foreclosure.

Some states also have a law permitting foreclosed homeowners to repurchase their home after a foreclosure sale during a "redemption period." In a judicial foreclosure in Oklahoma, you'll get a limited amount of time after the foreclosure sale to redeem your home. But you can't redeem after the sale in a nonjudicial foreclosure.

Right of Redemption Before a Foreclosure Sale

In Oklahoma, as in all states, you can redeem your home before a foreclosure sale takes place. This right is called an "equitable right of redemption." It's based on the idea that it's fair to let a homeowner keep the home if they pay off the mortgage debt even if they're already in default and the lender has initiated foreclosure proceedings.

What Is the Right of Redemption After a Foreclosure Sale?

In about half of the states, homeowners get one final chance to save their home, even after a foreclosure sale. The right to redeem the property after a foreclosure sale is called a "statutory" right of redemption because it's set out in the state statutes (laws).

Suppose your state provides a statutory right of redemption. In that case, you get a redemption period, which is a limited amount of time to repurchase the home from the person or entity that bought it at the foreclosure sale. Depending on state law, you must either reimburse the purchaser for the price paid at the sale or pay off the full amount you owed on the mortgage loan, plus foreclosure fees and costs.

Basically, the redemption period gives you some additional time after the foreclosure sale to find funding to buy your home back. The length of the redemption period following the sale, if available, varies widely depending on state law and the particular circumstances.

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