If you are planning to buy a property in Oklahoma, then itís advisable that you understand the laws that govern Oklahoma foreclosure statistics. Foreclosure processes in Oklahoma can undergo both judicial and non-judicial proceedings. This means that the foreclosure process can be settled both in and out of court. Whether the foreclosure will be a judicial or a non-judicial one will depend on the sale clause of the property. For instance, if the deed of trust of the property includes power of sale clause, then the lender does not have to go through court proceedings for the foreclosure.
Lending companies like banks prefer to settle the non-judicial proceedings when it comes to foreclosures. This is because settling the foreclosure outside the court is quicker and more affordable. Most properties have mortgages and deeds of trust that has power of sale clause. This means that majority of Oklahoma foreclosure statistics are non-judicial ones.
The same rule applies in foreclosed homes in Winston Salem NC. The nature of the foreclosure will depend on whether the mortgage has a power of sale clause. If the property does not, the lender or bank will have to file for foreclosure within the court.
In both judicial and non-judicial foreclosure processes, a preliminary hearing always occurs. Notices of the foreclosure are also sent to all parties involved in the property. The court clerk will decide if there will be a foreclosure sale. If the clerk decided in favor of a foreclosure sale, an auction will take place. No less than 20 days before the foreclosure sale, the homeowner will receive a notice informing him about the foreclosure. The advertisement will also be posted in the county newspaper. This is why you will see plenty of foreclosed homes in Winston Salem NC advertised in local newspapers of the town.