What is the foreclosure process for a reverse mortgage?

The foreclosure process for a reverse mortgage in Oklahoma is much the same as it is for any type of mortgage. The lender will initiate the foreclosure process when the homeowner fails to make their payments on the loan, or when they default on the loan in some other way. The first step of the foreclosure process is for the lender to send a Notice of Default and Right to Cure to the homeowner. This notice will tell the homeowner that they are behind on their payments and they have a certain number of days in which they must pay the money owed or else the foreclosure process will begin. Once the specified time has passed and the homeowner has failed to cure their loan, the lender will file a Notice of Sale with the county clerk. This notice will tell the public that the property is to be put up for sale at a foreclosure auction. The lender is responsible for promoting the sale to potential buyers. Once a buyer is selected, the foreclosure process is complete and the original loan is paid off. The homeowner no longer has any legal claims to the property and the new buyer has full ownership and rights to the property.

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What is the foreclosure process for a reverse mortgage?

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