Oklahoma law permits a lender to foreclose on a property without judicial involvement if the mortgage agreement contains a power of sale clause. Most Oklahoma mortgages contain a power of sale clause, therefore lenders can initiate a foreclosure when a buyer defaults on a loan. However, the lender must meet the notice and sale requirements as set forth in state law.
If a mortgage does not contain a power of sale clause then the lender must sue the buyer in state court and the court must issue an order to foreclose. The property must sell for at least two thirds of its appraised value unless the borrower waives his or her right to an appraisal.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.