The state of Oklahoma makes use primarily of the non-judicial foreclosure process. This makes it a title theory state as a title deed is used to secure the underlying loan. Not all title deeds contain a power of sale clause, but if they do then the foreclosure process can take place through non-judicial means. Non-judicial remedies to recover the debt owed on a delinquent loan have to follow a very strict process to ensure that it is completely fair to the borrower. However if the borrower has been in default three times in a 24 month period their right to notice is waived.
The other means of foreclosure is the judicial and this is used when a power of sale clause is not used in the instrument of security. The judicial process generally takes much longer and is more expensive than a judicial foreclosure, but it also allows the borrower to have rights of redemption, there are no rights of redemption in terms of non-judicial foreclosure.
It takes approximately 90 days to wind up the foreclosure process in Oklahoma, this is relatively fast and it is because the non-judicial process is more often than not followed. A notice of intention to foreclose by power of sale is issued by the trustees and this is generally an attorney who acts on behalf of the lender.
This notice has to be issued in writing to the borrower and allows them 35 days to cure the default. The notice of sale is then published for the correct period of time and the property is sold in a public auction. If the sale price of the property is not sufficient to cover the delinquent amount a deficiency judgment may be issued not more than 90 days after the sale has taken place.