What is the difference between judicial and non-judicial foreclosure?

In Oklahoma, there are two types of foreclosures: judicial and non-judicial. Judicial foreclosure is overseen by a judge and can involve the court system. This kind of foreclosure is usually more time consuming and legally complicated than a non-judicial foreclosure, and it is less common. Non-judicial foreclosure happens without the court’s involvement. This type of foreclosure is more common and takes less time, but requires the homeowner to have agreed to the terms of a deed of trust. A deed of trust is an agreement between the homeowner and the lender that the lender can collect the loan if the homeowner does not make the payments as agreed. When the homeowner defaults on the loan, the lender can take back the home through the deed of trust. In judicial foreclosure, the lender must file a lawsuit against the borrower in order to foreclose. The court process allows the homeowner to challenge the foreclosure, if they choose to do so. In non-judicial foreclosure, the lender does not need to go through the court system. The note and the deed of trust are usually filed with the county, and then the lender can move forward in the foreclosure process. Overall, the main difference between judicial and non-judicial foreclosure is that judicial foreclosure requires court involvement while non-judicial foreclosure does not. As a homeowner who is considering foreclosure, it is important to understand the differences between these two options and to become familiar with the laws and procedures in the state of Oklahoma.

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What is the difference between judicial and non-judicial foreclosure?

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