How long does the foreclosure process take?

In Oklahoma, the foreclosure process generally takes around six to nine months. During this time, the lender must take certain steps before the property can be sold. The process typically begins when a lender sends a Notice of Default that informs the homeowner of their mortgage arrears and states that legal foreclosure proceedings will be initiated if the mortgage is not brought up-to-date. The homeowner has three months to address the arrears in order to prevent foreclosure and the lender can choose to foreclose after that time. Once the Notice of Default has been sent, the lender must then file a Notice of Foreclosure with the court. The homeowner receives a copy of this as well. After the Notice of Foreclosure is filed, a Notice of Sale is published in a newspaper for four consecutive weeks notifying the public that the house is being foreclosed. After the fourth week of publication, the house is put up for sale. The homeowners have a right of redemption period of three months from the date of the sale in which they can pay off the arrears and the foreclosure will not take place. Once the house is sold, the new owner must be given a deed to the property. During this time, the original homeowner may still be liable for any unpaid mortgage payments or unpaid taxes on the property. From start to finish, the foreclosure process should take between six and nine months.

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