A lender in Tulsa has filed a lawsuit in district court to foreclose on a borrower who has defaulted on a home loan. The borrower's attorney argues this process is improper. Which statement best describes Oklahoma's foreclosure process?
Correct Answer
B) Oklahoma requires all foreclosures to proceed through the district court as a judicial process.
Oklahoma uses exclusively judicial foreclosure. Under the Oklahoma Mortgage Foreclosure Act (Title 46 O.S. §§ 40-49), lenders must file suit in district court to foreclose on a mortgage. There is no non-judicial (power of sale) foreclosure available in Oklahoma. The lender's filing of a district court lawsuit is entirely proper and required by law.
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