Finance
In Oklahoma, the right of redemption after a non-judicial trustee's sale:
AAllows the borrower to redeem for 1 year after the sale
BGenerally does not exist after a trustee's sale is completed✓ Correct
CAllows redemption for 6 months with court approval
DRequires the lender's permission
Explanation
Unlike judicial foreclosure sales in some states, Oklahoma's non-judicial trustee's sale process generally does not carry a statutory right of redemption after the sale is completed, which is one reason lenders prefer this method.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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