CREDITWRENCH-TheTruth

In my prior post I pointed out that Oklahoma Statutes provide for nonjudicial foreclosure. The pupose of this was to set aside CREDITWRENCH CEO Bill Bauer's contention that, because he knows so much about vacating judgments, he would never again be displaced from his home. As was pointed out to Mr. Bauer, under nonjudicial foreclosure, there is no judgment to vacate, not even a court appearance. The lender simply follows the statutory notification procedures, and proceeds with eviction, taking back their interest in the property because default on the part of the mortgagor.

Unsatisfied that this was a valid legal process, he proceeds, he claims, to contact 3 state senators who are attorneys, 5 banks, and a sheriff. All of whom apparently gave the same answer; Uncle Normie is making the whole thing up, doesn't know what he's talking about, braying like a jackass, etc., etc.

I thought surely someone in the above group has heard of nonjudicial foreclosure, particularly the senator/attorneys.

So I provided Mr. Bauer with the Oklahoma statute that makes nonjudicial foreclosure a remedy under what's known as a power of sale provision that is contained in a mortgage in the 26 states that allow for nonjudicial foreclosure.

Mr. Bauer then indicated that I was referencing old law. That the only available statutes on the internet were from 1999 and may have been changed. As I clearly pointed out, I was using the annotated statutes, the latest revision of those statutes, and in fact the statutes were updated on the internet just 2 months ago.

Now CREDITWRENCH CEO Bill Bauer begins to sing a different tune. But, because he doesn't like issues confused by someone stating facts, he next "consults" with an attorney who specializes in foreclosures.

Using legal advice CREDITWRENCH CEO Bill Bauer allegedly obtains from OKC attorney Don Timberlake, he takes the position that even under Article 46, a consumer has a right to demand a judicial hearing. Not only does CREDITWRENCH CEO Bill Bauer and his alleged legal counsel Don Timberlake fail to quote the statute in its entirety, they quote it out of context.

The relevant part of Article 46 dealing with the power of sale by the mortgagee is:

So this means if the mortgaged property is the homestead of the debtor, they can request a procedural hearing in court before a judge before foreclosure can be executed. But under §46-1, any interest in a property is described as a "mortgage". The topic of this entire subject is based on the primary lender, first mortgage if you will.

As such, we must now determine if the homestead exemption applies. According to Oklahoma Statutes, Article 31 section 5 paragraph 1, it clearly does not:

There clearly is no homestead exemption that can be claimed against the money that was used to purchase the property, therefore there can be no request for a judicial foreclosure.