Life is unpredictable, and one day you may be having the best days of your life and enjoying all that life has to offer, while another day, you may be facing foreclosures, debt and be struggling to put food on your table. – Foreclosure Process In Oklahoma
It is for this reason that it is crucial to know the foreclosure process in Oklahoma. How does it work? This will help you avoid getting your property taken by the bank.
Knowing the foreclosure process’s ins and outs will help you understand how to prevent it and save money in the long haul. The process starts with the mortgage company filing a foreclosure action and serving you with a petition.
The servicer usually has to wait until the loan is over 120 days delinquent before they officially start a foreclosure. Once they serve the petition, you are then given 20 days within which you should for an answer. Here is where an attorney comes in handy.
There are two ways Oklahoma uses to foreclose on a property; a power of sale and judicial sale. Most of the foreclosures in Oklahoma are judicial, with very few being through a power of sale. When it comes to judicial foreclosures, you will get a summon and complaint that will notify you of the lender’s suit.
In this case, if you fail to answer the court action, a default judgment will be given by the court. Here, they will be permitted to hold a foreclosure sale. However, if you respond by filing an answer, the case will go through a litigation process, and a summary judgment may be given in favor of the lender or if you lose in the trial.
Here, the judge will order the house to be sold at a foreclosure sale. In the power of sale, the bank will serve you papers demanding payment, and the process may be subjected to judicial review, though it is not a must.
After the grace period to repay the debt has elapsed, a deed of trust will be drawn up, and the control of the property transferred to a trustee who can then sell the property to get their money back. The foreclosure process in Oklahoma can be quite frustrating. It is best to avoid foreclosure if possible.
It is also advised to call the bank and try to make peace with them by either having a short sale or refinancing it. You can also work with a company like W Properties OK to help you sell the house fast; we will buy the home as-is and ensure that you get value for your money.