How does foreclosure work in Oklahoma?
In Oklahoma, a foreclosure can happen without court supervision if the mortgage contract includes a provision known as a “power of sale” clause. But, you can force the lender to foreclose judicially by taking specific steps at least ten days before the date of the foreclosure sale
There are two protections for homeowners with mortgages backed by Fannie Mae, Freddie Mac, or the federal government: COVID hardship mortgage forbearance and a temporary halt to foreclosures.
These protections were originally made available to eligible homeowners under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and have since been expanded to provide additional assistance to homeowners through guidance from federal agencies, Fannie Mae, and Freddie Mac.
COVID hardship forbearance
Forbearance is when your mortgage servicer or lender allows you to pause (suspend) or reduce your mortgage payments for a limited time while you build back your finances.
If you experience financial hardship due to the coronavirus pandemic, you may have a right to an initial COVID hardship forbearance of up to 180 days. You also may have the right to one or more extensions of that forbearance. You must request these options – they’re not automatic!
If your loan is backed by HUD/FHA, USDA, or VA, the deadline for requesting an initial forbearance is June 30, 2021. If your loan is backed by Fannie Mae or Freddie Mac, there is not currently a deadline for requesting an initial forbearance.
You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties, or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship. If you are facing financial hardships, you should ask for forbearance immediately.
If you already have a forbearance plan and need more time, you can request an extension. If your mortgage is backed by Fannie Mae, Freddie Mac, or the federal government, you are entitled to a 180-day extension of your COVID hardship forbearance if you request it.
If your mortgage is backed by Fannie Mae or Freddie Mac: You may request one additional three-month extension, up to a maximum of 15 months of total forbearance. But to qualify, you must be in a COVID forbearance plan as of February 28, 2021, so don’t delay contacting your servicer if you’re having trouble paying your mortgage and are not in a forbearance plan.
If your mortgage is backed by HUD/FHA, USDA, or VA: You may request up to two additional three-month extensions, up to a maximum of 18 months of total forbearance. But to qualify, you must have started a forbearance plan on or before June 30, 2020. Not all borrowers will qualify for the maximum. Check with your servicer about the options available.