Bob MaleckiPoster#3 Tax Liens & Mortgage Notes Contributor
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- Kingston, WA
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Oklahoma Foreclosure Power of Sale question
Hi All,
I've purchased a few NPLs recently in Oklahoma and according to the article at https://www.foreclosure.com/statelaw_OK.html OK allows a non-judicial FC if there is a Power of Sale clause in the mortgage document. Both of the notes I purchased has this clause.
We have inquired with a few law firms in OK and they are saying that they do not use the POS and just go directly to a judicial FC. It seems like they are just wanting to make more money in fees by going full judicial. Am I missing anything here? Has anyone done a foreclosure in OK using the Power of Sale provision?
Bob