Full question:
I need a response letter for a notice of default on a mortgage in Oklahoma. We have had an audit done and are in the process of trying to get our mortgage modified. The audit showed many law violations during the purchasing process. I need to respond ina way that stops the court proceedings. Do I need a 'Notification of Discovery Servie' letter for Oklahoma as well?
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Oklahoma
Answer:
In Oklahoma, lenders can pursue non-judicial foreclosure without going to court. This means they can quickly obtain title to the property if you default on your mortgage. Typically, home loans involve a promissory note and a deed of trust, which secures the loan with a lien on your home. The deed of trust allows the lender to foreclose if you default.
While most foreclosures are non-judicial, you can request a judicial foreclosure. This process is governed by common-law equity principles and specific statutes, including the Oklahoma Power of Sale Mortgage Foreclosure Act (1986). If your property is a homestead, you can force the lender into judicial foreclosure by providing written notice to the lender at least ten days before the foreclosure sale.
The foreclosure process begins with a Notice of Default, which outlines how the lender believes you have defaulted. If you do not cure the default, typically by paying the overdue amount, the lender can initiate court action.
If your audit indicates violations of the Federal Truth in Lending Act during the loan process, you may use this as a defense. Additionally, you might be able to renegotiate your loan. It is advisable to consult with a local attorney who can assess your specific situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.