Legal Solutions for You,
Your Family & Your Business
Find a bankruptcy attorney in Nolo's Lawyer Directory!
Resources on Foreclosure, Credit & Debt, and Bankruptcy
Foreclosure Survival Guide
Own a copy of this helpful reference from Nolo, the #1 consumer legal publisher. Available in paperback and eBook formats.
Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial
Nonjudicial: allowed, but homeowner can choose to have judicial foreclosure |
| Time to respond | Judicial: After foreclosing party files lawsuit, homeowner has 20 to 30 days to respond. After the court issues a foreclosure judgment, foreclosing party must serve a notice of sale on homeowner. If notice is mailed, it must be served at least ten days before the sale; if published, publication must start 30 days before the sale.
Nonjudicial: Foreclosing party must give homeowner a 35-day notice of intent to foreclose and a 30-day notice of sale. Homeowner must also be notified of the right to choose judicial foreclosure. |
| Reinstatement of loan before sale | Nonjudicial: within 35 days of service of notice of intent to foreclose |
| Redemption after sale | Allowed until court confirms sale |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Okla. Stat. tit. 44, § 208.1 |
| Deficiency judgments | Available, but amount limited by market value of property. Lender must ask the court for deficiency judgment within 90 days after sale. |
| Cash exempted in bankruptcy | None |
| Notice to leave after house is sold | Judge may order immediate possession by purchaser. Failure to move out may be punished as contempt of court. |
| Foreclosure statutes | Okla. Stat. tit. 12, §§ 686, 764 to 765, 773; Okla. Stat. tit. 46, §§ 41 to 49 |