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Does Oklahoma have a foreclosure right of redemption?

Foreclosure occurs when the mortgage holder seeks to take back real property, such as a residence, when the owners of the property failed to keep up with their payments. Frequently those on the property will be reluctant to give up their hoped-for ownership, and will seek a way to either avoid the foreclosure sale or to repurchase the property after the sale. The ability to do this is known generally as a right of redemption.

There may be some confusion as to whether Oklahoma recognizes a right of redemption. A search on the Internet, for example, will reveal that many sites state flatly that such a right does not exist. This may be an oversimplification, however, depending on how one defines "redemption."

In many states, it seems that the right of redemption means that redemption is exercised after the conclusion of the foreclosure sale. Meaning that if the foreclosed property holder is somehow able to come up with the money to pay off the outstanding mortgage obligation as well as accrued foreclosure costs, then he or she can effectively void the sale and keep possession. Under this definition, Oklahoma indeed has no right of redemption. Once the property is sold through foreclosure, the sale is final.

Oklahoma statutes and court decisions do recognize and discuss a right of redemption, but it exists only up to the point where the foreclosure sale is confirmed. In other words, once the lender commences foreclosure the property holder can avoid foreclosure under the right of redemption, but, unlike in some other states with a right of redemption, once the foreclosure sale has taken place in Oklahoma that right is extinguished.

The right of redemption, and how far it extends, is but one area of foreclosure law that can be complex and potentially confusing to homeowners struggling to prevent foreclosure. This post is not intended or offered as legal advice, but an attorney familiar with this state's real estate and foreclosure laws can be an essential resource in helping homeowners to understand and protect their legal rights.

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