What is foreclosure?

Foreclosure refers to the legal process a lender may take to repossess property if a borrower defaults on a loan. Foreclosure law dictates the process for a lender to take ownership of a property when a borrower fails to make payments on a loan or mortgage. In Oklahoma, the foreclosure process begins when the lender sends a Notice of Default to the borrower. This notice states that the borrower is in default of the loan, the amount of money owed, and the deadline for repayment. If payment is not received, the lender can file a Notice of Sale with the county courthouse. This documents indicates that the property will be placed up for sale at a public auction. It is also important to note that Oklahoma foreclosure law allows for an actual physical foreclosure auction, as opposed to the online foreclosure auctions offered by other states. The highest bidder for the property is given ownership of the property, with the proceeds from the sale going to the lender. If no bids are made at the public auction, the lender can take full ownership of the property.

Related FAQs

What is a deed-in-lieu of foreclosure?
Can a lender foreclose on a property without a court order?
What is a post-foreclosure redemption period?
What is non-judicial foreclosure?
What is a foreclosure defense attorney?
What is a deed-in-lieu of foreclosure?
How is the foreclosure process different in each state?
How long do I have to stay in my home after a foreclosure?
What is a deficiency judgment in a foreclosure?
How long does the foreclosure process take?

What is foreclosure?

Related FAQs

Related Blog Posts