Judicial vs. Non-Judicial Foreclosure in OK
Oklahoma is unique because it allows for both judicial and non-judicial foreclosures. However, the vast majority of foreclosures in the state are non-judicial, meaning the lender does not have to go through the court system to sell your home, provided your mortgage contains a "power of sale" clause.
Non-Judicial
The most common route. It's faster because it bypasses the court system. Lenders must simply follow the notification procedures outlined in state law.
Judicial
Requires the lender to file a lawsuit against you. You have the right to demand a judicial foreclosure under Oklahoma law, which can delay the process.
The Timeline: Step-by-Step
Day 1-120: Missed Payments & Default
Under federal law, a mortgage servicer generally cannot officially begin the foreclosure process until you are more than 120 days delinquent on your loan. During this time, you will receive phone calls and letters regarding your missed payments.
Notice of Intention to Foreclose
Before filing for non-judicial foreclosure, the lender must send a Notice of Intention to Foreclose. This notice gives you 35 days to cure the default (pay the past due amount plus fees) to reinstate the loan.
Notice of Sale
If the default is not cured, the lender will issue a Notice of Sale. This must be sent to you by certified mail at least 30 days before the scheduled sale date. It will also be published in a local newspaper for four consecutive weeks.
The Foreclosure Auction
The property is sold at a public auction to the highest bidder. In Oklahoma, if the foreclosure was non-judicial, you do not have a statutory right of redemption after the sale—meaning once it's sold, it's gone permanently.