I'm evaluating the purchase of a first position NPL on a decent home in Tulsa OK and the current noteholder has started foreclosure. I'm still digging around with the seller, but have not much knowledge of OK other than it is a judicial state with approx. 185 days timeline.
Does anyone have any experience in OK with foreclosures and/or can offer any insight as to what I should be looking out for other than the usual FC process?
What is your interest with the note? Replace the creditor to modify the loan as needed and collect payments or to step in their place and obtain the property through foreclosure?
If it goes to foreclosure, not sure if this is just Tulsa county or all of Oklahoma...thinking statewide....the minimum bid at sheriff sale is 2/3 the appraised amount as determined by the sheriffs appraisal process.
If you want to buy the note and hope to get it back into repayment....ok fine. Good luck.
If you want a process to get the property cheap by foreclosing on it....good luck there too. You as well as anyone else can bid as much as you want....but no less than 2/3 the appraised amount.
If this house is worth $100,000....first bid has to be $66,667. If you mortgage payoff is $40,000. You get to cut a $26,667 check to the property owners for the difference. Now if the payoff is $80,000....no big deal. Bid to protect your interests. Someone bids more than the judgement amount, you are made whole.
Not sure if that is what you were looking for. But that's what I know.
Hi @Bob Malecki
Have not done any NPLs, but have purchased several properties via the Tulsa county sheriff auction.
I would get the court case number and look it up on OSCN. Many of the court filings are now being imaged and can be downloaded. Probably would also be a good idea to discuss the case with the attorney that's handling the foreclosure for the seller, if the seller would permit you to do that.
I would also try to determine if the property is still occupied and have a plan for post-foreclosure actions, if you are going to proceed with the foreclosure.
Information about the Tulsa county sheriff auction process can be found on the Tulsa County Sheriff Website.
Hope that information helps.
Thanks guys for your prompt response to this. The house is vacant and so my intention is to foreclose then liquidate it either at the auction or via REO thereafter. I'll update this post if I end up purchasing the note and go to auction.
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