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 cash for keys program?
What is a foreclosure defense attorney?
What is a deficiency judgment in a foreclosure?
What type of notice is required before a foreclosure sale?
What is a foreclosure auction?
What is the difference between a foreclosure and a deed in lieu of foreclosure?
How can I find out if I am a victim of wrongful foreclosure?
Can I still make payments on my loan after a foreclosure sale?
Can I stop a foreclosure sale without filing for bankruptcy?
Are there defenses to a foreclosure?

What is foreclosure?

Related FAQs

Related Blog Posts