Oklahoma · 12 O.S. §686; 46 O.S. §43Oklahoma deficiency after foreclosure: the 90-day motion and fair market value

In Oklahoma, real estate pledged as security can be sold only under a court judgment ordering the sale, except under the power of sale rules (12 O.S. §686). After a judicial foreclosure sale, no judgment can be enforced for the unpaid balance unless the creditor moves for leave to enter a post-judgment deficiency order together with the motion to confirm the sale, or in any event within 90 days after the sale, on notice to the debtor or the debtor's attorney (§686). The court, whether or not the debtor appears, determines the fair and reasonable market value of the property as of the sale date, and the deficiency order is the amount owed with interest, costs and prior liens, less the higher of that market value or the sale price; if no motion is made in time, the sale proceeds, whatever the amount, fully satisfy the mortgage debt (§686). When the mortgage has a power of sale, a homestead owner who sends the lender a certified-mail notice at least ten days before the sale electing against a deficiency judgment, and establishes the homestead if contested, can't be sued personally for a deficiency by the lender that sells; for non-homestead property, the deficiency action must start within 90 days after the sale and is reduced if fair market value exceeded the sale price (46 O.S. §43(A)(2)(c)–(d)).