What are the duties of the lender in a foreclosure?

In Oklahoma, the lender has certain duties that they must fulfill during the foreclosure process. These duties are designed to protect the homeowner and ensure the process is fair and equitable. The lender must always follow the laws set forth by the state of Oklahoma. This includes ensuring the homeowner receives notice of the foreclosure and providing them with a list of options that may be available to them. The lender must provide the homeowner with an accounting of the amount owed, including fees and interest. They must also inform the homeowner of the foreclosure timeline and any potential extensions they may need to wait for before foreclosure can take place. The lender must also attempt to work with the homeowner on an alternative payment plan so that they can avoid foreclosure. This includes making efforts to ensure that the homeowner is fully informed of all their options and understanding of the process. Finally, the lender must ensure that a fair market value is placed on the property during the foreclosure auction. This will ensure the homeowner does not incur unnecessary financial losses as a result of the foreclosure. By fulfilling their duties, the lender can help make the foreclosure process easier for the homeowner and ensure that any losses that occur are kept to a minimum.

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What are the duties of the lender in a foreclosure?

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