What is the Homeowner’s Protection Act?

The Homeowner’s Protection Act is a law in the state of Oklahoma that helps protect homeowners from unjust debt and foreclosure practices. The Act prohibits mortgage lenders from forcing homeowners to buy costly and unnecessary private mortgage insurance (PMI) and puts limits on when and how much PMI can be charged. The Act requires that lenders inform borrowers of their right to cancel PMI when their loan balance reaches certain levels, and outlines penalties for lenders who fail to provide this notification. The Act also states that lenders must forgive any PMI payments made after the cancellation date, and prohibits lenders from seeking repayment of these amounts from the borrower. Finally, the Act provides protections to borrowers from unfair foreclosure practices, including provisions that require foreclosure notices to be provided in writing and a certain amount of time to be provided for the homeowner to cure the default. Together, these measures are designed to protect homeowners from excessive financial burdens and ensure that lenders are only pursuing foreclosure in compliance with the law.

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What is the Homeowner’s Protection Act?

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