What is the statute of limitations on foreclosure?

In Oklahoma, the statute of limitations on foreclosure is three years. The three-year limitation period begins when the borrower defaults on the loan, meaning when they miss one or more payments. After three years, the lender is no longer allowed to foreclose on the property, even if the loan has not been paid off in full. The statute of limitations for foreclosure in Oklahoma is set forth in Title 59 of the Revised Statutes of Oklahoma, Section 184. There is a three-year limitation period for the enforcement of mortgage contracts, including foreclosure, or any other obligation secured by a lien on real estate. This means that lenders only have three years to initiate a foreclosure if they wish to do so. In most cases, the three-year period is calculated from the date that the borrower missed their last payment and the lender sent a Notice of Default. If the borrower has not caught up on their payments or otherwise resolved the issue within the three year period, the lender can no longer initiate a foreclosure on the property. However, any outstanding loan balance between the lender and the borrower may still need to be resolved.

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What is the statute of limitations on foreclosure?

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