{"data":{"id":"us-ok/okla.-stat.-tit.-46-46-43","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 46, § 46-43","heading":"Power of sale - Requirements - Sale procedure - Deficiency","body":"- Redemption - Writ of assistance - Foreclosure.\n\nA. Notwithstanding Sections 10 and 11 of Title 42, Sections 686\n\nand 760 of Title 12; and Sections 1 and 4 of this title, or any\n\nother inconsistent law:\n\n1. a power to sell the mortgaged real estate may be conferred\n\nby the mortgagor upon the mortgagee in the mortgage under which the\n\nmortgaged property and the interests of persons therein may be sold\n\nin the manner provided for in Sections 43 through 47 of this title,\n\nafter a breach or default in performance of the contract or\n\ncontracts for which the property is granted as security, or a breach\n\nor default in the performance of the mortgage; and\n\n2. with respect to any mortgage in which a power of sale is\n\ngranted:\n\na. the mortgage shall state in bold and underlined\n\nlanguage, substantially the following:\n\n\"A power of sale has been granted in this mortgage. A\n\npower of sale may allow the mortgagee to take the\n\nmortgaged property and sell it without going to court\n\nin a foreclosure action upon default by the mortgagor\n\nunder this mortgage,\"\n\nb. in a mortgage transaction involving the mortgagor's\n\nhomestead, if the mortgagor, at least ten (10) days\n\nbefore the property is to be sold under the power of\n\nsale, sends written notice by certified mail to the\n\nmortgagee stating that the property involved is the\n\nmortgagor's homestead and that judicial foreclosure is\n\nelected, and files of record a copy of such notice\n\nwhich contains the legal description of the property\n\nin the office of the county clerk of the county where\n\nthe property is located, the mortgagee must pursue any\n\nforeclosure by judicial proceeding in a court of\n\ncompetent jurisdiction; provided, however, the\n\nmortgagee may contest the mortgagor's claim of\n\nhomestead in the judicial foreclosure action or in\n\nanother action such as by declaratory judgment,\n\nc. in a mortgage transaction that remains subject to this\n\nact involving the mortgagor's homestead, if the\n\nmortgagor at least ten (10) days before the property\n\nis to be sold under the power of sale, sends written\n\nnotice by certified mail to the mortgagee stating that\n\nthe property involved is the mortgagor's homestead and\n\nthat the mortgagor elects against a deficiency\n\njudgment, and establishes the property as homestead if\n\ncontested, no in personam action for a deficiency\n\njudgment may be maintained by the mortgagee exercising\n\nthe power of sale; provided, that mortgagee may\n\nenforce any agreed lien against collateral other than\n\nthe real estate sold; and other mortgagees or holders\n\nof liens inferior to that of the mortgagee exercising\n\nthe power of sale and who are foreclosed may recover\n\nthe unpaid amount of their indebtedness in an in\n\npersonam action for a judgment enforceable against\n\nother property of the mortgagor as prescribed by the\n\nrules of civil procedure; provided, however, the\n\nmortgagee may contest the mortgagor's claim of\n\nhomestead or seek a deficiency judgment and a judicial\n\ndetermination of homestead by initiating an action\n\ntherefor within ninety (90) days after the mortgagee's\n\ndeed is recorded. The prevailing party in such action\n\nmay recover attorney's fees and costs of the action,\n\nand\n\nd. in a mortgage transaction not involving the\n\nmortgagor's homestead, unless otherwise agreed, the\n\nmortgagor shall be liable for any deficiency between\n\nthe amount obtained by the mortgagee from the sale and\n\nthe amount of the indebtedness, interest, and the\n\ncosts and expenses of sale including the amount of\n\nattorney's fees fixed in the mortgage by agreement,\n\nunless a part or all of the fees are waived by the\n\nparties or the amount fixed is found by a court to be\n\nunconscionable. If such fees are found to be\n\nunconscionable or no fees are fixed in the mortgage by\n\nagreement a court may allow reasonable attorney's\n\nfees. Any action for a deficiency pursuant to the\nnses of sale including the amount of\n\nattorney's fees fixed in the mortgage by agreement,\n\nunless a part or all of the fees are waived by the\n\nparties or the amount fixed is found by a court to be\n\nunconscionable. If such fees are found to be\n\nunconscionable or no fees are fixed in the mortgage by\n\nagreement a court may allow reasonable attorney's\n\nfees. Any action for a deficiency pursuant to the\n\nprovisions of this subparagraph shall be commenced\n\nwithin ninety (90) days after the date of the sale.\n\nIf, in such action, the mortgagor shall establish that\n\nthe fair market value of the property as of the date\n\nof the sale exceeded the sale price, then the\n\ndeficiency otherwise obtainable under this\n\nsubparagraph shall be reduced by the amount of such\n\nexcess.\n\nB. Nothing in this act shall be construed to impair the right\n\nof the mortgagor or another party to redeem as provided in Sections\n\n18 through 20 of Title 42 of the Oklahoma Statutes, up to the\n\ncompletion of the sale upon payment of the amount owed including all\n\nexpenses. A mortgagor and mortgagee may agree on the acquisition of\n\nthe interest of the mortgagor in the real estate by the mortgagee in\n\nlieu of foreclosure.\n\nC. The purchaser on foreclosure by power of sale may seek a\n\nwrit of assistance by application to a court of competent\n\njurisdiction with the same effect as provided in Section 686 of\n\nTitle 12 of the Oklahoma Statutes.\n\nD. A power of sale must be exercised consistent with this act\n\nand in accordance with the agreement of the parties. At the option\n\nof the mortgagee a mortgage containing a power of sale may be\n\nforeclosed in the manner provided in Section 686 of Title 12 of the\n\nOklahoma Statutes for the foreclosure of mortgages on real property.","path":["OK Code","Title 46"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os46.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5f597a7fe99446b2e47ff0e7d1454a3cbe8a5140369d25c201f0f4e30e27730d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-46-46-42","next":"us-ok/okla.-stat.-tit.-46-46-44"},"notice":"GroundRules: Original legal text. Not legal advice."}