Posted by ScottE on April 23, 2002 at 07:00:36:
Travis,
I’m not an attorney, but I am familiar with Oklahoma foreclosure law.
Oklahoma is a mortgage state and although most of the mortgages issued in the past 10 years or so include a non-judicial Power of Sale (which markedly speeds up the foreclosure process), 95%+ of foreclosures are still judicial. This is a long process and even for the most diligent attorney, it can take 4-10 months from start to finish, a stark contrast to Texas!
The foreclosure sales are quite a bit different from Texas as well. We don’t have the carnival, free-for-all atmosphere that Texas enjoys at the Trustee sales. Instead, our sales are once a week (in the larger counties at least) and they are conducted by the County Sheriff (Deputy). It is very organized, usually in a large room, and the Deputy will call out the cases one by one. Most sales are completed within 1-2 hours.
After the sale, there is a redemption period between the Sheriff’s Sale and the Hearing to Confirm Sale, a minimum of 10 days notice AND publication, which usually amounts to the better part of 20-30 days. After the confirmation hearing, the successful bidder is granted possession and the services of the County Deputy for a forcible entry and detainer, if needed.
Hope this helps…let me know if you are looking for something more specific.
Scott