What is a foreclosure auction?

A foreclosure auction is a public sale of a property that has been repossessed due to default on a mortgage or other underlying loan. This is usually the last step in the foreclosure process in Oklahoma when a homeowner has been unable to make payments for an extended period of time. During the auction, the lender will typically offer the property for sale to the highest bidder in an effort to recover some of the money owed on the loan. Bidders must typically provide a deposit in order to participate in the auction and may be required to have certain qualifications in order to bid. The foreclosure auction is intended to be transparent, so that the highest bidder can purchase the property in a fair and equitable manner. The winning bidder is then responsible for paying the balance of the loan in a timely manner, as well as any applicable taxes or fees.

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What is a foreclosure auction?

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