What deeds of trust can a lender use in a foreclosure process?

In Oklahoma, lenders can use several different types of deeds of trust during a foreclosure process. The most common type is a deed of trust with a right of sale, which allows the lender to foreclose on the property if the borrower fails to meet certain conditions in the loan agreement. A deed of trust with a power of sale is similar, but gives the lender the power to foreclose without the need to go to court. A deed of trust with a junior lien is used when there is an existing lien on the property, such as a mortgage, and the lender wants to add an additional lien. The foreclosure process with this type of deed of trust involves the lender going to court to prove their lien is valid. Finally, an acceleration clause deed of trust allows the lender to speed up the foreclosure process by allowing the lender to declare the entire loan balance due in the event of default without going through the legal process. This type of deed of trust is typically used in cases where the borrower has failed to make regular payments on time.

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What deeds of trust can a lender use in a foreclosure process?

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