How does the lender recover legal fees and costs in a foreclosure?

In Oklahoma, the lender is able to recover legal fees and costs associated with the foreclosure. The costs must be listed in the mortgage documents, as stated in Section 10 of the Oklahoma Mortgage Foreclosure Law, and are typically covered in the total amount owed on the mortgage. The court may award up to $2,500 in attorneys’ fees as well as foreclosure costs and other court costs as part of the judgment. According to Section 10, if the court finds that the action has been brought in bad faith, frivolously, or for the purpose of harassment, they may award the borrower reasonable attorney fees. Furthermore, if the lender’s application for attorneys’ fees and costs are not paid in full within 60 days, the lender can return to court and request a judgment for the unpaid amount. This judgment can then be enforced through garnishment or by taking money from other assets of the borrower. In some cases, the lender may also be able to get a deficiency judgment, which requires the borrower to pay the remainder of the mortgage balance after the property is sold at auction.

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