Oklahoma Lis Pendens Notice in Connection with Action to Foreclose

State:
Multi-State
Control #:
US-01458BG
Format:
Word; 
Rich Text
Instant download

Description

Lis pendens means "a suit pending". A lis pendens is a written notice that a lawsuit has been filed involving the title to real property or some interest in that real property. Notice to the defendant who owns the property and potential buyers or financiers is given by filing the lis pendens with the clerk of the court, certifying that it has been filed, and then recording it with the County Recorder. The lis pendens must include a legal description of the real property, and the lawsuit must involve the property.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

In Oklahoma, you have the right to ?redeem? the property by paying the amount due on the mortgage. You may exercise this right to redeem at any point before the judge confirms the sheriff's sale. If you pay this amount before confirmation, you may regain possession of the property.

This program uses federal money to help homeowners in Oklahoma make mortgage payments and pay other housing-related expenses so they can avoid foreclosure. In most cases, after a 120-day loss mitigation waiting period, a bank can start foreclosing on an Oklahoma home using one of the processes that state law allows.

The Foreclosure Process ? Power of Sale Clause The notice gives the borrower 35 days to cure the default and bring the mortgage current. If the borrower has been in default three time in the last 24 months or four times in 24 for a homestead, no other notice has to be given before the lender proceeds to the sale.

Here in Oklahoma, both judicial and non-judicial are allowed. By federal law, your lender has to wait until you are over 120 days delinquent before filing a lawsuit in court as part of a judicial foreclosure.

A ?lis pendens notice? is a notice recorded in a real property's chain of title and is designed to enable interested third parties to discover the existence and scope of pending litigation affecting the title to or asserting a mortgage, lien, security interest, or other interest in real property.

Lis pendens provides constructive notice, or a warning, to prospective homebuyers that the ownership of a property is in dispute and litigation is pending. Lis pendens can only be filed if a claim is related specifically to the property.

How Can I Stop a Foreclosure in Oklahoma? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale (or for a short period after the sale), or filing for bankruptcy.

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Oklahoma Lis Pendens Notice in Connection with Action to Foreclose