Default

• The first step on the road to foreclosure in Oklahoma, or any state, is to default on the mortgage loan. Different lenders have various stipulations regarding what is considered a default; specific terms are outlined in the mortgage loan documents. The lender sends warning letters to the borrower when the loan payments are past due. The letters act as the first notice of default to the borrower by the lender.
  
  

Pre-Foreclosure

• After sending the required default letters to the borrower, the next step that lender takes is to file an action in court against the borrower for defaulting on the mortgage loan. The borrower receives notice of the action both in person and by mail. The borrower typically has 20 days to respond to the action. The court considers both the action and the response to make a ruling on the foreclosure. If the court rules in favor of the lender, the property is scheduled for a public foreclosure sale.
  
  

Notice of Sale

• The third step of the Oklahoma foreclosure process is a notice of sale. The court in the county where the property resides records the notice of sale, which includes the date, time and place of the public auction. In addition, a notice must also be published in a local county newspaper once each day for four consecutive weeks. The first newspaper notice must run at least 30 days before the sale date.
  
  

Auction

• The county sheriff oversees the next step in an Oklahoma foreclosure, the public auction. The opening bid must be at least two-thirds of the appraised value of the property. If an appraisal is not available, there is no minimum bid amount required. The highest bid wins the property. The bidder must immediately provide at least 10 percent of the winning bid amount in cash or certified funds.
  
  

Confirmation

• Confirmation is the final step in an Oklahoma foreclosure. After the public auction, it can take around 15 days for the court to confirm the sale. The borrower has the right to redeem the property by paying off the full outstanding amount owed up until the court confirms the sale. After confirmation, the borrower has no redemption rights.