What is judicial foreclosure?

Judicial foreclosure is a process used in Oklahoma when a borrower has failed to make payments on their mortgage, allowing the lender to force the sale of a home in order to recoup their losses. This type of foreclosure is handled through the court system. In judicial foreclosure, the lender must prove to the court that the borrower has defaulted on the loan and can no longer make payments, and must also prove that the lender is entitled to receive all sums due to it under the mortgage deed. The court will then issue an order of foreclosure, giving the lender the right to sell the property to recoup the debt. The foreclosure process typically begins with the lender filing a lawsuit against the borrower in the local county court. The court then will review all evidence and documents provided by both sides. If the court agrees with the lender’s argument, it will issue an order of foreclosure, allowing the lender to sell the property at a publicly noticed sale. The proceeds of this sale are used to offset the debt owed by the borrower. If the sale is not enough to cover the amount owed, the borrower is responsible for paying the remaining balance. If the sale exceeds what was owed, any remaining funds will go to the borrower. Judicial foreclosure is the most common form of foreclosure in Oklahoma. It is a serious matter, and it is important that borrowers understand the law and the process to ensure they are properly protected throughout the process.

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