What is a foreclosure sale?

A foreclosure sale is a process through which a mortgage lender can regain the ownership of a property after the home owner has defaulted on their loan. In Oklahoma, foreclosures are non-judicial, meaning they can be handled outside of court. Generally, the foreclosure process begins when a loan holder sends a notice of default to the homeowner. This notice sets a timeline on when the homeowner has to repay what they are past due or face foreclosure. If the homeowner does not make the necessary payments, the property will be put up for a public auction. The highest bidder at the auction will be awarded the home or property. The homeowner must pay the balance of the loan in full and any costs associated with the foreclosure. If the homeowner cannot make the payments, the property then becomes the new owner’s. It is important to note that in Oklahoma, the homeowner has the right of redemption (they can buy back the home within a certain timeframe after the sale). Knowing the foreclosure laws in Oklahoma can help protect the rights of homeowners, lenders, and those interested in buying a home through a foreclosure sale.

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