Oklahoma · 46 O.S. §§43, 47Oklahoma power of sale foreclosure: redemption until the sale, and the homestead owner's elections

An Oklahoma mortgage may give the lender a power of sale – stated in bold, underlined language in the mortgage – so the property can be sold without a court foreclosure after a default (46 O.S. §43(A)). For the mortgagor's homestead, the owner can send the lender a certified-mail notice, at least ten days before the sale, that the property is the homestead and that judicial foreclosure is elected, and record a copy with the county clerk; the lender must then foreclose in court (§43(A)(2)(b)). The homestead owner can instead elect, by the same kind of notice, against a deficiency judgment (§43(A)(2)(c)); on non-homestead property the lender's deficiency action is brought within 90 days after the sale and is reduced if the fair market value exceeded the sale price (§43(A)(2)(d)). The owner or another party keeps the right to redeem up to the completion of the sale by paying the amount owed with all expenses (§43(B)). After that, the mortgagee's deed conveys the property absolute, without right of redemption and clear of later interests – except a federal right of redemption held by the United States (§47(B)). The deed raises a presumption that the sale complied with the act, and is conclusive for good-faith buyers for value when a defect would only make the sale voidable, and two years after recording even if it was void (§47(A)).