Disclaimer: This article is for informational purposes and does not constitute legal advice. Consult an attorney for your specific situation.
Detailed Answer
Under Oklahoma law, any surplus funds remaining after a foreclosure sale must be distributed to qualifying parties. To claim these funds, you typically follow these steps:
- Confirm Eligibility
You must be the former property owner, a junior lienholder or another party with legal interest. The Oklahoma foreclosure-by-advertisement statute outlines priority and distribution: 12 O.S. § 696. - Obtain Sale Records
Request the sheriff’s sale certificate and accounting of proceeds from the county sheriff or public trustee. - Calculate the Surplus
Subtract the total debt and sale expenses from the sale price to determine the amount available for distribution. - Draft the Petition
Prepare a petition in the district court where the sale occurred. Include:- Case caption and number.
- Parties’ names and interests.
- Sale date and amount received.
- Amount of surplus claimed.
- Supporting declarations and exhibits.
- File the Petition
Submit the petition to the district court clerk and pay the filing fee. The court assigns a hearing date. - Serve Notice
Send a copy of the petition and notice of hearing to all interested parties, including senior lienholders and the sheriff. Oklahoma civil procedure requires service under 12 O.S. § 2004. - Attend the Hearing
Your petition will be heard by a judge. If there are no valid objections, the court enters an order for distribution. - Secure the Order and Collect Funds
Obtain a certified copy of the order from the court clerk. Present it to the sheriff or public trustee to receive the funds.
Helpful Hints
- Act quickly: Oklahoma law may limit the time to claim surplus funds.
- Keep records: Maintain copies of all sale documents and correspondence.
- Verify amounts: Double-check sale proceeds and expense calculations.
- Check for junior liens: Other lienholders may have prior claims.
- Consult resources: Use the Oklahoma State Courts Network for court forms.