After a judicial foreclosure sale in Oklahoma, the sale proceeds are insufficient to cover the outstanding loan balance owed to the lender. What remedy may the lender pursue under Oklahoma law?
Correct Answer
A) The lender may pursue a deficiency judgment against the borrower for the remaining balance.
Under the Oklahoma Mortgage Foreclosure Act (Title 46 O.S. §§ 40-49), after a judicial foreclosure sale, if the proceeds are insufficient to satisfy the outstanding debt, the lender may seek a deficiency judgment against the borrower for the remaining balance. Oklahoma law permits deficiency judgments following foreclosure proceedings.
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Related Topics & Key Terms
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Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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