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Mortgage Delinquency in Oklahoma | How to Avoid Foreclosure and the Sheriff Sale
Foreclosure

Mortgage Delinquency in Oklahoma | How to Avoid Foreclosure and the Sheriff Sale

Oklahoma Foreclosure Process 

If you get behind on your mortgage and miss monthly payments the lender will consider you delinquent and will proceed in the necessary steps to legally sell your house at the county sheriff sale. Unfortunately, banking institutions will deceive you by telling you they can help but then somehow ‘randomly’ become M.I.A. (missing in action) and your phone calls with them will be disconnected or you’ll be transferred to five different departments only for them to tell you they can’t help months later when it’s too late to do anything with your house. Losing your house to the bank through the Oklahoma Foreclosure Process typically involves these steps:

Pre-Foreclosure: In Oklahoma, the pre-foreclosure process typically begins when a homeowner defaults on a mortgage and does not pay the balance of the mortgage in full within 30 days. The prospective plaintiff or creditor sends the document owner a 30-day delay notice detailing the delay and the deadlines for amending the delay and repayment of the debt. If the landlord does not correct the offense within the specified time period, the bank can initiate recovery.

Notice of Foreclosure: Lender files suit in district court to initiate foreclosure proceedings. After filing, the owner receives a complaint, also known as lis pendens. The owner has 20 days for him to respond to complaints. If they don’t respond or reach an agreement with the lender, the court will order a foreclosure.

Sheriff’s Sale Notice: After the court orders the foreclosure, the Sheriff’s sale date is set. Placing advertisements in the local newspaper once a week for four consecutive weeks is a requirement. Last posting is at least 10 days before his sale date. Additionally, the courts decision will post on the property and district courts.

Sheriff’s Auction: On the scheduled sale date, the Sheriff or the designated agent will conduct the sale of the property. Prospective purchasers will register prior to the auction, in addition need to provide proof of funding if asked. The auction begins at the lender’s starting price which typically includes outstanding balances, accrued interest, and additional fees and costs. The highest bidder wins the auction and must pay the full purchase price. Usually the payment is in the form of cash or bank checks, immediately or in the short term.

Sales Confirmation: After the Sheriff completes the sale, the court will confirm the winning bid. When the court confirms the sale, the sheriff issues a sheriffs deed to the winning auctioneer. In Oklahoma, once the sale is confirmed, the owner has no right of redemption and cannot pay back outstanding debts to regain ownership, therefore it’s important the owner understand the Oklahoma Foreclosure process in order to protect their rights.

Eviction: If the previous owner or occupants remained on the property after the sale, the new owner can initiate the eviction process via an FED to evict them from the property.

It is important for all property owners to be aware of their unpaid balances and obligations in order to avoid foreclosure and the sheriff’s auction, as losing a property to the auction can have major financial and emotional consequences.

If paying off all the late fees, principal and interest (and legal fees) is burdensome we highly encourage you to consult a professional. We have many options we can help you with if you are trying at all costs to avoid foreclosure:

  • Sell your house –  Get a fair cash offer on your house and move out on your timeline
  • Subject To – We will assume your mortgage therefore you don’t have to pay your costly monthly mortgage
  • Leaseback – stay in your home with a reasonable rental rate
Oklahoma Foreclosure case CJ-2016-1258. Defendant Geneva Toney in Oklahoma City.

Are you in foreclosure in Oklahoma? Call Free Home Offer today 405-362-7355 to help you with your Oklahoma foreclosure.

Geneva Toney had a foreclosure case in Oklahoma County CJ-2016-1258 where Free Home Offer was able to help her!

Do you have a foreclosure you’re needing help with? Call Free Home Offer today 405-362-7355 to help you with your Oklahoma foreclosure.

Oklahoma Foreclosure Process 

If you get behind on your mortgage and miss monthly payments the lender will consider you delinquent and will proceed in the necessary steps to legally sell your house at the county sheriff sale. Unfortunately, banking institutions will deceive you by telling you they can help but then somehow ‘randomly’ become M.I.A. (missing in action) and your phone calls with them will be disconnected or you’ll be transferred to five different departments only for them to tell you they can’t help months later when it’s too late to do anything with your house. Losing your house to the bank through the Oklahoma Foreclosure Process typically involves these steps:

Pre-Foreclosure: In Oklahoma, the pre-foreclosure process typically begins when a homeowner defaults on a mortgage and does not pay the balance of the mortgage in full within 30 days. The prospective plaintiff or creditor sends the document owner a 30-day delay notice detailing the delay and the deadlines for amending the delay and repayment of the debt. If the landlord does not correct the offense within the specified time period, the bank can initiate recovery.

Notice of Foreclosure: Lender files suit in district court to initiate foreclosure proceedings. After filing, the owner receives a complaint, also known as lis pendens. The owner has 20 days for him to respond to complaints. If they don’t respond or reach an agreement with the lender, the court will order a foreclosure.

Sheriff’s Sale Notice: After the court orders the foreclosure, the Sheriff’s sale date is set. Placing advertisements in the local newspaper once a week for four consecutive weeks is a requirement. Last posting is at least 10 days before his sale date. Additionally, the courts decision will post on the property and district courts.

Sheriff’s Auction: On the scheduled sale date, the Sheriff or the designated agent will conduct the sale of the property. Prospective purchasers will register prior to the auction, in addition need to provide proof of funding if asked. The auction begins at the lender’s starting price which typically includes outstanding balances, accrued interest, and additional fees and costs. The highest bidder wins the auction and must pay the full purchase price. Usually the payment is in the form of cash or bank checks, immediately or in the short term.

Sales Confirmation: After the Sheriff completes the sale, the court will confirm the winning bid. When the court confirms the sale, the sheriff issues a sheriffs deed to the winning auctioneer. In Oklahoma, once the sale is confirmed, the owner has no right of redemption and cannot pay back outstanding debts to regain ownership, therefore it’s important the owner understand the Oklahoma Foreclosure process in order to protect their rights.

Eviction: If the previous owner or occupants remained on the property after the sale, the new owner can initiate the eviction process via an FED to evict them from the property.

It is important for all property owners to be aware of their unpaid balances and obligations in order to avoid foreclosure and the sheriff’s auction, as losing a property to the auction can have major financial and emotional consequences.

If paying off all the late fees, principal and interest (and legal fees) is burdensome we highly encourage you to consult a professional. We have many options we can help you with if you are trying at all costs to avoid foreclosure:

  • Sell your house –  Get a fair cash offer on your house and move out on your timeline
  • Subject To – We will assume your mortgage therefore you don’t have to pay your costly monthly mortgage
  • Leaseback – stay in your home with a reasonable rental rate