Finding a Tulsa Attorney with experience in Loan Modificatin, Bankruptcy, Mediation and Forelcosure Litigation is very important for a successful resolution to your case.

Tulsa Foreclosure Lawyers

Foreclosures in Oklahoma can be handled in two ways, either by a judicial or non-judicial process. A judicial foreclosure is used when a "power of sale clause" is not contained within the mortgage or deed of trust. A "power of sale" clause is a clause within a deed of trust or mortgage, in which the borrower preauthorizes the sale of the property in order to pay off the remaining balance should there be a default.

Unless the homeowner relinquishes his or hers rights to an appraisal, an appraisal must be completed before the property can be sold at auction. The property cannot be sold for less than two thirds of the appraised value. A Tulsa Foreclosure Lawyer can advise you on the best way to proceed in this matter.

The non-judicial foreclosure is utilized when there is a "power of sale clause". If this clause is specific with regards to time place and terms of sale, the specified conditions and procedures has to be followed.

Tulsa Foreclosure Lawyers

THIS MONTH'S FEATURED LAW FIRM

Heroux & Helton PLLC

Heroux & Helton PLLCHeroux & Helton PLLC
6450 S. Lewis Ave., Suite 115
Tulsa, OK 74136

(918) 582-3822

At Heroux & Helton we provide our clients with the high-quality legal representation they expect and the accessibility and responsiveness they deserve. Our law firm has the experience, skill, dedication and technology to get results our clients deserve.

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Power of Sale Foreclosure Guidelines

A written notice of the lender's intent to foreclose by power of sale must be sent to the borrower at his last known address. Such notice must describe the defaults and give the borrower 35 days from the date of such notice to correct the problem. If corrective action is taken within those 35 days the foreclosure can be stopped. If the borrower has been in default three times, the lender does not have to send another notice. If there have been four defaults within the past 24 months there are no further notices required.

 

Subsequent Actions

  • The notice must be recorded in the county where the property is located within 10 days after the 35 day notice period.

  • The notice must appear in a newspaper located in the same county as the property. It shall be published once a day for four consecutive weeks, the first issue being not less than 30 days before the sale.

  • Such notices must list the names of the borrower and lender and list the property, including the street address. It must include the time and place of sale.

  • The property must be sold at public auction to the highest bidder under the conditions specified in the notice. The highest bidder, other than the borrower, must post case or certified funds equal to 10% of the bid. If the bidder is unable to meed this requirement then the lender can accept the next highest bid.

If you have received a notice that your home is about to be foreclosed, it is understandable how you can feel overwhelmed and stressed out. Lots of people in this situation feel that nothing can be done, but this is not the case. A Tulsa Foreclosure Lawyer may be able to work with your lender to develop a solution that doesn't involve foreclosure. There may be government programs that you may be eligible for which can help you out of your dilemma. You may even want to consider filing for bankruptcy. Your Tulsa Foreclosure Attorney can help you determine what is best for you and your family.