What is the statutory redemption period for a judicial mortgage foreclosure in Oklahoma?
Correct Answer
B) Up to 6 months, which may be reduced or eliminated if the property is abandoned or the borrower waives the right
Under 12 O.S. § 686, Oklahoma provides a statutory redemption period of up to 6 months following a judicial mortgage foreclosure sale. This period may be shortened or eliminated if the mortgaged property is determined to be abandoned or if the borrower contractually waives the redemption right. Oklahoma does not use a blanket 1-year or 3-month period, and redemption rights do exist by statute unless waived or forfeited due to abandonment.
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Related Topics & Key Terms
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Related Concepts
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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