Oklahoma Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Okla. Stat. Ann. tit. 46, §302(A) | Abandoned or Vacant Property Motion | A. Upon commencement of a suit, action or proceeding to foreclose or otherwise enforce the remedies in any mortgage, contract for deed or deed of trust in a court of competent jurisdiction, if the plaintiff/mortgagee believes, knows, or has reason to know, that the subject property is abandoned or vacated and, as a result of such abandonment: 1. Physical deterioration and devaluation of the property is occurring or has occurred; 2. There exists a risk to the health, safety or welfare of the public, or any adjoining or adjacent property owners, due to potential or actual acts of vandalism, loitering, criminal conduct or the physical destruction or deterioration of the property; or 3. There exists a risk of additional legal process for violation of law, ordinance, unpaid taxes or accrual of liens, the plaintiff/mortgagee may seek a court order to protect and preserve the property pending the disposition of the suit, action or proceeding before the court. C. The plaintiff/mortgagee, after filing a motion to protect and preserve property in the pending litigation before the court, and having received from the court a date, time and location to hear the motion, shall present a certified copy of the motion and hearing notice to the sheriff in the county in which the property is located. |
| Okla. Stat. Ann. tit. 12, §686 | Deficiency Judgment | Simultaneously with the making of a motion for an order confirming the sale or in any event within ninety (90) days after the date of the sale, the party to whom such residue shall be owing may make a motion in the action for leave to enter a post-judgment deficiency order upon notice to the party against whom such judgment is sought or the attorney who shall have appeared for such party in such action. |
OK Uniform Consumer Credit Code | Okla. Stat. Ann. tit. 14A, §3-203(5) Okla. Admin. Code §160:20, Appendix I | Late Payment Fees | (5) With respect to a consumer loan, refinancing or consolidation, which is not precomputed, including a revolving loan account accessed by lender credit card or similar arrangement, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its scheduled due date in an amount not less than Five Dollars ($5.00) nor more than the greater of five percent (5%) of the unpaid amount of the payment or the dollar amount provided by the rule of the Administrator in effect for this section pursuant to Section 1-106 of this title. No more than one delinquency charge may be imposed in each billing cycle and it may be collected at any time after it accrues either independently of any payment made on the account or from a payment made if the lender discloses delinquency charges to the debtor as they are imposed and informs the debtor of the full amount that the debtor must pay for the applicable period in order to remain current on the account. |
Mortgage Act / Okla. Stat. Ann. tit. 46, §44 | Notice of intent to foreclose - Judicial foreclosure | In case of breach or default as determined by the terms of the mortgage, before the breach or default may be used as a basis to foreclose the mortgage by power of sale, the mortgagee must give the mortgagor a written notice of intention to foreclose by power of sale by certified mail addressed to the mortgagor at the last-known address of the mortgagor. The notice of intention to foreclose must state: (1) the name and address of the mortgagee; (2) the nature of the breach or default claimed with reasonable specificity; (3) that the mortgagor has a right for 35 days from the date the notice is sent to cure a breach or default and thus to that extent reinstate the mortgage; (4) the amount of money or action necessary to effect cure; (5) that if the breach or default is not cured the mortgagee may accelerate the debt and give the Notice of Sale or otherwise foreclose the mortgage; and (6) that the notice contains important information concerning legal rights under the mortgage and Oklahoma law and that if the mortgagor has any questions an attorney should be promptly consulted. |
Civil Procedure / Okla. Stat. Ann. tit. 12, §764(A) | Notice of Sale - Non-judicial foreclosure | A property taken on execution may not be sold unless the party causing the execution to be issued causes a written notice of sale executed by the sheriff containing the legal description of the property to be sold and stating the date, time and place where the property will be sold to be mailed, by first class mail, postage prepaid, at least 10 days prior to the date of the sale. The notice must be mailed to the following (if the names and addresses of the persons are known): (1) the judgment debtor; (2) any holder of interest of record in the property to be sold whose interest is sought to be extinguished; and (3) all other persons of whom the party causing the execution to be issued has notice who claim a lien or any interest in the property whose interest is sought to be extinguished. B. The notice of sale shall be: 1. Personally served in the manner of service of process in civil cases prescribed by Section 2004 of Title 12 of the Oklahoma Statutes, other than by publication, at least thirty (30) days prior to the date of the sale. If, by due diligence, personal service cannot be made upon such person or persons or the mortgagee does not know and with due diligence cannot ascertain those matters enumerated in divisions (1) through (5) of subparagraph b of paragraph 3 of subsection C of Section 2004 of Title 12 of the Oklahoma Statutes, the mortgagee shall execute an affidavit to that effect and the publication notice required in paragraph 2 of this subsection shall be deemed sufficient; and 2. Published in a newspaper authorized by law to publish legal notices in each county in which the property to be sold is situated. The notice shall state the name of the mortgagor, any holder of a prior mortgage or other lien of record, and any person having an interest, claim or lien of record in the property whose interest, claim or lien the mortgagee seeks to foreclose by the exercise of its power of sale, and shall designate the person or persons whose unknown successors are being served. The notice shall be published at least one (1) day a week for four (4) consecutive weeks; provided, however, the first date of publication shall be not less than thirty (30) days prior to the date of sale; and 3. Recorded together with the affidavit provided for in subsection A of this section, in the office of the county clerk of each county wherein the property to be sold is situated within ten (10) days after compliance with Section 44 of this title. The recording of the notice of sale pursuant to this paragraph shall serve as notice of the pendency of the procedure to any person acquiring a subsequent interest in the property. To verify compliance with paragraphs 1 and 2 of this subsection, proof of receipt, return of service or affidavit in lieu of personal service, or copies thereof and proof of publication of the notice of sale shall be recorded in the office of the county clerk of each county wherein the property to be sold is situated any time before the recording of the mortgagee's deed executed pursuant to the sale under this act. |
Mortgage Act / Okla. Stat. Ann. tit. 46, §45 | Notice of Sale - Judicial foreclosure | If a mortgagee elects to use a power of sale granted in the mortgage, it must execute a Notice of Sale in written form directed to: (1) the mortgagor; (2) any holder of a prior mortgage or other lien of record; and (3) any person having an interest, claim or lien of record in the property whose interest, claim or lien the mortgagee seeks to foreclose by the exercise of its power of sale. When a notice of intention to foreclose is required, an affidavit stating that the notice has been properly sent must be attached to the Notice of Sale. In the event that no notice of intention to foreclose is required by, an affidavit to that effect must be attached to the notice of sale. The Notice of Sale must state: (1) the occurrence of a breach or default of the contract or mortgage; (2) the general nature of the breach or default, such as “failure to make a payment due”, “failure to pay taxes”, or “failure to maintain the property;” (3) the election to use the power of sale; (4) the date, time and place when the property will be sold; and (5) the legal description of the property as it appears in the mortgage and any street address of the property. A. Lands and tenements taken on execution shall not be sold unless the party causing the execution to be issued: 2. Causes public notice of the date, time and place of sale to be given by publication for two (2) successive weeks in a newspaper published in the county in which the property to be sold is situated, or in case no newspaper be published in such county, then in a newspaper of general circulation therein and by putting up an advertisement upon the courthouse door and in five other public places in such county, two of which shall be in the township where such lands and tenements lie; provided, that in counties now having a population of one hundred ten thousand (110,000) or more according to the last Federal Census, the advertisement shall be published in some newspaper published in the city or township where said lands and tenements lie or if there be no newspaper in such city or township then in some newspaper published in the county. Notice shall be executed by the sheriff and state the name of any person having an interest in the property to be sold whose interest is sought to be extinguished and whose actual address is unknown, and shall designate the person or persons whose unknown successors are being notified. |
| Uniform Consumer Credit Code / Okla. Stat. Ann. tit. 14A, §3-408(1) | Notification of Change in Term of Revolving Loan Accounts | A supervised lender may change the terms of a revolving loan account whether or not the change is authorized by prior agreement. The supervised lender must give to the borrower written notice of any change before the effective date of the change as follows: (1) for changes in the rate of interest charged, at least 1 written notice must be given to the borrower at least 1 billing cycle, but not less than 30 days, prior to the change taking effect; and (2) for a change in the terms other than the rate of interest, at least 2 written notices must be given to the borrower, with the first notice at least 2 billing cycles, but not less than 60 days, prior to the change taking effect. |
| Uniform Consumer Credit Code / Okla. Stat. Ann. tit. 14A, §3-309(2) | Notification of Outstanding Balance or Loan Finance Charge of Revolving Loan Accounts | If there is an outstanding balance at the end of the billing cycle or if a loan finance charge is made with respect to the billing cycle, the lender must give to the consumer the information outlined in Okla. Stat. Ann. tit. 14A, §3-309(2). |
| Okla. Stat. Ann. tit. 46, §47(A) | Post Sale Deed | A. The sale shall be closed at a time and under reasonable conditions specified by the mortgagee at the time of the sale. Upon receipt of payment in form satisfactory to the mortgagee, the mortgagee shall execute and deliver a deed, without warranty, to the purchaser that is in substantial compliance with the form for such a deed prepared by the Administrative Director of the Courts with the assistance and approval of the Oklahoma Supreme Court and which identifies the mortgagee's and other interests foreclosed and the parties involved, indicates where the documents evidencing those interests are recorded, and recites that the deed is executed by the mortgagee exercising a power of sale after a breach or default and sale under this act. Signature and title or authority of the person signing the deed as grantor is sufficient proof of the signer's authority to sign. |