What are the steps in a foreclosure process?

In Oklahoma, the foreclosure process begins when a lender files a Notice of Default and Right to Cure with the court. This is when the borrower has failed to make payments on a mortgage loan. The Notice gives the borrower 30 days to make payments or take other corrective action to resolve the default. If the borrower does not make the payments or take the corrective action within the 30 days, the lender can file a Notice of Sale with the court. The Notice of Sale will include the property’s legal description, a list of what is being foreclosed on, the date of the sale, and the time of the sale. The Notice of Sale must be published in a newspaper of general circulation. Next, a public sale of the property will be held on the date specified in the Notice of Sale. At the sale, a representative of the lender will be present and bid on the property. If the lender is the highest bidder, the sale will be adjourned and the lender will take possession of the property. If there are other bidders at the sale, the highest bidder will be asked to provide the purchase price at the sale. The lender has the right to accept or reject any offer of purchase. If the lender accepts the highest bid, the bidder can receive a deed of trust in return. Finally, if the lender rejects all bids, they can take possession of the property through a deed in lieu of foreclosure. This deed transfers the title of the property from the borrower to the lender. The borrower then no longer has any interest in the property.

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What are the steps in a foreclosure process?

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