In Oklahoma, you have a limited time following a foreclosure sale to repurchase or “redeem” your house.
Question
My home in Oklahoma is being foreclosed on, and the sale is scheduled for two weeks from now. Can I pay off the mortgage and retain it if I have the finances before then? I would much appreciate any suggestions on how I might rescue my house.
Answer
Yes, you may retain the home if you can come up with enough money to pay off the total amount owed on the mortgage loan before the sale. This is known as “redeeming” the house.
You’ll also have some time following the foreclosure sale in a judicial foreclosure before the court finalizes the procedure to redeem the house (see below).
When Can You Redeem Your Oklahoma Foreclosed Home?
In Oklahoma, foreclosures are usually often judicial, which means that the lender files a case in court to foreclose on your house. While nonjudicial foreclosures are permitted in Oklahoma, lenders seldom employ them since the homeowner may select a judicial procedure or avoid a deficiency judgment if the foreclosure stays nonjudicial.
The court will issue a judgment and order that the property be auctioned to settle the debt in a judicial foreclosure. The court must confirm (allow) the sale once it occurs as part of the foreclosure procedure. You have the right to redeem the house until the court certifies the sale, but not beyond that. (Oklahoma Stat. vol. 42, pp. 18–20.) Once confirmation happens, you will not have another opportunity to redeem your home.
The borrower has the right to redeem the property until the sale is completed in a nonjudicial foreclosure. Oklahoma Statutes tit. 46, 43(B), 45, 47.
How Much Will You Have to Pay to Keep Your House?
You must pay the whole amount of the mortgage obligation, plus all charges, including foreclosure costs and fees, in order to redeem.
Call the foreclosing lender’s attorney to find out how much you’ll need to pay to redeem your house. Because you’re running out of time, if you can locate finance to pay off the debt, consider talking with an Oklahoma attorney who can assist with the redemption.
Other Ways to Save Your Home If You Act Fast Enough Before the Foreclosure Sale
Even while time is of the essence, you may be able to reach an agreement with your lender if you act before the sale. For example, your lender may agree to help you bring your mortgage current (reinstate the loan) by paying the past-due sums, which include missed payments, interest, expenses, and penalties.
Alternatively, the lender may allow you to engage into a mortgage modification, forbearance agreement, or repayment plan, albeit it normally takes the lender longer than you have available to consider and accept a request for one of these choices. Still, it’s worth asking your lender whether one of these possibilities is accessible to you.
Keep an eye out for legal changes.
This page discusses redemption laws in Oklahoma, with citations to legislation so you may learn more. Statutes change, so double-checking is usually a good idea.
The way courts and other organizations interpret and implement the law might also shift. Some restrictions may even differ across states. These are just a few of the reasons why you should visit an attorney if you are facing foreclosure.