Okla. Stat. tit. 46, § 46-43

- Redemption - Writ of assistance - Foreclosure.

Oklahoma Statutes - Title 46. Mortgages Page 13

A. Notwithstanding Sections 10 and 11 of Title 42, Sections 686

and 760 of Title 12; and Sections 1 and 4 of this title, or any

other inconsistent law:

1. a power to sell the mortgaged real estate may be conferred

by the mortgagor upon the mortgagee in the mortgage under which the

mortgaged property and the interests of persons therein may be sold

in the manner provided for in Sections 43 through 47 of this title,

after a breach or default in performance of the contract or

contracts for which the property is granted as security, or a breach

or default in the performance of the mortgage; and

2. with respect to any mortgage in which a power of sale is

granted:

a. the mortgage shall state in bold and underlined

language, substantially the following:

"A power of sale has been granted in this mortgage. A

power of sale may allow the mortgagee to take the

mortgaged property and sell it without going to court

in a foreclosure action upon default by the mortgagor

under this mortgage,"

b. in a mortgage transaction involving the mortgagor's

homestead, if the mortgagor, at least ten (10) days

before the property is to be sold under the power of

sale, sends written notice by certified mail to the

mortgagee stating that the property involved is the

mortgagor's homestead and that judicial foreclosure is

elected, and files of record a copy of such notice

which contains the legal description of the property

in the office of the county clerk of the county where

the property is located, the mortgagee must pursue any

foreclosure by judicial proceeding in a court of

competent jurisdiction; provided, however, the

mortgagee may contest the mortgagor's claim of

homestead in the judicial foreclosure action or in

another action such as by declaratory judgment,

c. in a mortgage transaction that remains subject to this

act involving the mortgagor's homestead, if the

mortgagor at least ten (10) days before the property

is to be sold under the power of sale, sends written

notice by certified mail to the mortgagee stating that

the property involved is the mortgagor's homestead and

that the mortgagor elects against a deficiency

judgment, and establishes the property as homestead if

contested, no in personam action for a deficiency

judgment may be maintained by the mortgagee exercising

the power of sale; provided, that mortgagee may

enforce any agreed lien against collateral other than

the real estate sold; and other mortgagees or holders

Oklahoma Statutes - Title 46. Mortgages Page 14

of liens inferior to that of the mortgagee exercising

the power of sale and who are foreclosed may recover

the unpaid amount of their indebtedness in an in

personam action for a judgment enforceable against

other property of the mortgagor as prescribed by the

rules of civil procedure; provided, however, the

mortgagee may contest the mortgagor's claim of

homestead or seek a deficiency judgment and a judicial

determination of homestead by initiating an action

therefor within ninety (90) days after the mortgagee's

deed is recorded. The prevailing party in such action

may recover attorney's fees and costs of the action,

and

d. in a mortgage transaction not involving the

mortgagor's homestead, unless otherwise agreed, the

mortgagor shall be liable for any deficiency between

the amount obtained by the mortgagee from the sale and

the amount of the indebtedness, interest, and the

costs and expenses of sale including the amount of

attorney's fees fixed in the mortgage by agreement,

unless a part or all of the fees are waived by the

parties or the amount fixed is found by a court to be

unconscionable. If such fees are found to be

unconscionable or no fees are fixed in the mortgage by

agreement a court may allow reasonable attorney's

fees. Any action for a deficiency pursuant to the
nses of sale including the amount of

attorney's fees fixed in the mortgage by agreement,

unless a part or all of the fees are waived by the

parties or the amount fixed is found by a court to be

unconscionable. If such fees are found to be

unconscionable or no fees are fixed in the mortgage by

agreement a court may allow reasonable attorney's

fees. Any action for a deficiency pursuant to the

provisions of this subparagraph shall be commenced

within ninety (90) days after the date of the sale.

If, in such action, the mortgagor shall establish that

the fair market value of the property as of the date

of the sale exceeded the sale price, then the

deficiency otherwise obtainable under this

subparagraph shall be reduced by the amount of such

excess.

B. Nothing in this act shall be construed to impair the right

of the mortgagor or another party to redeem as provided in Sections

18 through 20 of Title 42 of the Oklahoma Statutes, up to the

completion of the sale upon payment of the amount owed including all

expenses. A mortgagor and mortgagee may agree on the acquisition of

the interest of the mortgagor in the real estate by the mortgagee in

lieu of foreclosure.

C. The purchaser on foreclosure by power of sale may seek a

writ of assistance by application to a court of competent

jurisdiction with the same effect as provided in Section 686 of

Title 12 of the Oklahoma Statutes.

D. A power of sale must be exercised consistent with this act

and in accordance with the agreement of the parties. At the option

Oklahoma Statutes - Title 46. Mortgages Page 15

of the mortgagee a mortgage containing a power of sale may be

foreclosed in the manner provided in Section 686 of Title 12 of the

Oklahoma Statutes for the foreclosure of mortgages on real property.