CJ-2026-00075 - TINKER FEDERAL CREDIT UNION v. AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife

What's This Case About?

Let’s cut right to the most absurd part of this story: a credit union is suing a married couple for just over nine grand… on a $27,200 loan they took out six years ago — and now, somehow, the amount owed has shrunk instead of ballooning into tens of thousands with interest, late fees, and legal drama. That’s not how debt usually works, right? You’d expect compound interest and penalties to turn a modest loan into a financial horror movie. But here? The balance is lower than the original principal. It’s like watching a reverse foreclosure — the kind where the numbers go down instead of spiraling into oblivion. And yet, here we are, in Kay County, Oklahoma, where Tinker Federal Credit Union is still dragging Aaron and Karisa Ferguson through the legal wringer anyway.

So who are these people? Well, Aaron R. Ferguson and Karisa L. Ferguson — formerly Karisa L. Bruce, because paperwork loves a good name trail — are a married couple living at 308 South 7th Street in Ponca City, a small town nestled in northern Oklahoma with more oil history than TikTok fame. They’re not alleged criminals, not accused of fraud or scamming the system — just regular folks who, at some point in 2018, walked into a financial institution and said, “Hey, we’d like to borrow $27,200, please.” Why? The filing doesn’t say — maybe a car, maybe home improvements, maybe one of those midlife crises involving a used motorcycle and a sudden urge to ride west. But whatever the reason, they signed on the dotted line, promising to pay back the money with interest at a rate of 7.99% per year — which, by today’s standards, is not crazy high, but not exactly a steal, either. They agreed to monthly payments of $329.87, starting September 1, 2018, with a final payoff date set for August 1, 2028. Standard stuff. Boring, even. Until it wasn’t.

Because something — we don’t know what — went sideways. According to the petition, the Fergusons “wholly failed, neglected and refused” to make payments as required. That’s legalese for: they stopped paying. Maybe money got tight. Maybe someone lost a job. Maybe there was a medical emergency, a divorce (despite being listed as husband and wife), or maybe they just decided the monthly hit wasn’t worth it anymore. Whatever the reason, the credit union noticed. And when you default on a promissory note secured by real estate — yes, their house was on the line — the lender doesn’t send a passive-aggressive email. They send Bart A. Boren, Esq., of Hall & Ludlam, PLLC, armed with a foreclosure petition and the full weight of Oklahoma contract law.

Now, let’s unpack what’s actually happening in court. The first claim is straightforward: breach of contract, specifically a promissory note. In plain English? “You said you’d pay us back, and you didn’t.” The second claim is more dramatic — mortgage foreclosure — which sounds like the bank wants to take their house. And technically, that’s true. But here’s the twist: the amount they’re suing for is only $9,457.42 in unpaid principal and interest. That’s less than half the original loan amount. Which raises eyebrows. Did they already pay off most of it? Did the credit union miscalculate? Or — and this is the most plausible — are they only suing for the remaining balance, after credits and payments?

Either way, the demand isn’t for the full $27,200. It’s for what’s left — plus future interest on the remaining principal of $9,068.36 at that same 7.99% rate. Oh, and attorney’s fees. And abstracting costs. And “security preservation expenses,” which sounds like something out of a heist movie but probably just means lawn care or winterizing the property. The credit union wants the court to declare its mortgage a “valid, prior and superior lien,” which is lawyer poetry meaning: “We were here first, so if this house sells, we get paid before anyone else.” And if the Fergusons or any mysterious “occupants” have some claim to the property, they better speak now or forever hold their peace — because Tinker Federal wants to wipe the slate clean, sell the house, and use the proceeds to cover what’s owed.

What do they want? Officially, $9,457.42 plus interest, legal fees, and costs. Is that a lot? In the grand scheme of foreclosures — where six- and seven-figure debts are common — no, not really. For a couple living in Ponca City, maybe yes. $329 a month is not nothing, especially if your income dries up. But here’s the kicker: the original loan was for $27,200. They’ve allegedly paid enough to reduce it to under $10K — meaning they weren’t deadbeats from day one. They kept up for a while. Maybe years. And now, after what appears to be a partial default, the credit union is pulling the plug. Not because they’re owed a fortune, but because the contract allows them to — thanks to that clause that lets the lender demand full payment if the borrower misses a single installment. It’s a nuclear option for a relatively small arrears. But hey, that’s capitalism with a side of paperwork.

Our take? The most absurd part isn’t the lawsuit — it’s how normal everything feels until you zoom out. A federally chartered credit union, named after an Air Force base, is suing a married couple in rural Oklahoma over a loan smaller than many people’s car payments. The house in question — a modest property in Block 14 of the Lynchville Addition — probably isn’t a mansion. It’s likely a small, unassuming home, the kind with a chain-link fence and a rusting swing set in the backyard. And now it’s caught in a legal machine designed for high-stakes defaults, all over less than ten grand. We’re not rooting for the credit union — they’ve got lawyers and interest accrual on their side. We’re not even sure we’re rooting for the Fergusons, unless they’ve got a sob story we’re not privy to. But we are rooting for the idea that sometimes, a payment plan adjustment or a loan modification could prevent this whole circus. Instead, we get a foreclosure petition with Latin-sounding terms and a demand for “abstracting costs,” like this is 1842 and someone needs to ride a horse to the county recorder’s office.

Look, contracts are contracts. If you borrow money and stop paying, the lender has every right to come after you. But there’s something almost comically disproportionate about treating a nine-thousand-dollar shortfall like a high-stakes property showdown. It’s not Scandal or The People vs. O.J. Simpson. It’s The People vs. My Budget Got Wrecked by Inflation and Medical Bills. And that’s why we cover it — because sometimes, the most dramatic courtroom battles aren’t about murder or corruption. They’re about who gets to keep the house when life gets in the way. And in Kay County, that fight starts with a $329.87 monthly payment and ends with a judge deciding whether a mortgage should be sold at public auction. We’re entertainers, not lawyers — but even we can see that sometimes, the system feels less like justice and more like math with consequences.

Case Overview

$94,457 Demand Petition

Jurisdiction

District Court of Kay County, Oklahoma

Filing Attorney

BART A. BOREN

HALL & LUDLAM, PLLC

Relief Sought

$9,457 Monetary

Plaintiffs

TINKER FEDERAL CREDIT UNION business
Rep: HALL & LUDLAM, PLLC

Defendants

AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife individual

Claims

#	Cause of Action	Description
1	promissory note	alleges Defendants have defaulted on a promissory note
2	mortgage foreclosure	seeks to foreclose on a mortgage

Petition Text

2,611 words

IN THE DISTRICT COURT OF KAY COUNTY Kay County, Oklahoma STATE OF OKLAHOMA TINKER FEDERAL CREDIT UNION, a Federally Chartered Credit Union, Plaintiff, vs. AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife, and Occupants, Defendants. CASE NO. CJ-2026- PETITION FIRST CAUSE OF ACTION The Plaintiff, TINKER FEDERAL CREDIT UNION, a Federally Chartered Credit Union (hereinafter referred to as "Plaintiff"), for its First Cause of Action against the Defendants, AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife,(hereinafter collectively referred to as "Defendant"), alleges and states as follows: 1. That on or about 7/26/2018, the Defendants, AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife, for good and valuable consideration, made, executed and delivered a certain promissory note in writing of that date whereby said Defendants promised to pay the principal sum of $27,200.00 together with interest thereon at the rate of 7.99% per annum. A true and correct copy of said note with all modifications thereto is incorporated by reference herein, and attached hereto as Exhibit “1.” Plaintiff has always been the holder of said note. Plaintiff has standing and is the real party in interest, was and is holder of the obligation. Said note provided that in the event that said note was placed in the hands of an attorney for collection, the Defendant, as above stated, agreed to pay all reasonable costs for collection, including reasonable attorney’s fees. 2. There has been a default made upon said note, and the conditions thereof broken, in that said Defendant has wholly failed, neglected and refused to make payment thereon according to the terms thereof, and other defaults or to cure such defaults. By reason of such defaults, Plaintiff has elected to declare the entire indebtedness, both principal and interest, due and payable under the terms of said note and mortgage, given as security therefor, and there is presently due to Plaintiff after allowing all just credits on said note and mortgage the following sums, to-wit: Total Unpaid Principal and Interest of Mortgage Debt $9,457.42 together with interest after 4/6/2026 on the principal balance of $9,068.36, at the rate of 7.99 percent per annum until paid, together with an attorney’s fee, as provided in said mortgage note. 3. Further, Plaintiff has or will incur the aforesaid additional expense in having Abstract of Title or title report to the mortgaged premises herein described extended to date, plus advances for taxes and insurance during the pendency hereof, security preservation expenses during the pendency hereof, and, by the terms of said note and mortgage given as security therefor, is entitled to a judgment for such expenses. WHEREFORE, Plaintiff prays that it have IN REM judgment on its First Cause of Action against the Defendants, AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife,, in the sum of $9,457.42 together with interest after 4/6/2026 on the principal balance of $9,068.36, at the rate of 7.99 percent per annum until paid, together with an attorney’s fee, accruing to judgment, and thereafter at the said interest rate, until paid, together with abstracting and other expenses incurred during the pendency hereof, security preservation costs, all costs of this action, and all other proper relief. SECOND CAUSE OF ACTION The Plaintiff, for its Second Cause of Action against the Defendants, AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife, and all occupants, as stated in the caption, and each of them, alleges and incorporates all allegations contained in any previous cause of action and in addition thereto alleges and states as follows: 1. As a part of the lending transaction, and to secure the payment of said promissory note as set forth in the First Cause of Action, the Defendants, AARON R FERGUSON and KARISA L FERGUSON, fka KARISA L BRUCE, husband and wife,(hereinafter collectively referred to as “Defendant”), executed, acknowledged and delivered a Real Estate Mortgage incorporated herein by reference, dated 7/30/2018, and recorded in Book 1782 Page 807, of the records of Kay County (Mortgage Tax Prepaid), which is now in favor of the Plaintiff, thereby granting and mortgaging to Plaintiff, its successors and assigns, all right, title, interest and estate in and to the following described real property, situated in said County, State of Oklahoma, to-wit: Lots 4, 5, 6 and 7, inclusive, Block 14, LYNCHVILLE Addition to the City of Ponca City, Kay County, State of Oklahoma, according to the recorded plat thereof. which has the address of 308 South 7TH Street, PONCA CITY, Oklahoma 74601 2. That said mortgage provides if any default occurred under the promissory note for which it was security, the holder thereof is entitled to foreclose said mortgage. Plaintiff is entitled to a decree of foreclosure of its mortgage upon the above described real property and to have such premises sold to satisfy the above stated debt. 3. The Plaintiff as mortgagee will elect to have said property sold with or without appraisement at the time judgment is rendered. 4. The parties, and any and all Occupants, and potential heirs and each of them as above named in the caption, and any Occupants thereto, claim some right, title, lien, estate, encumbrance, claim, assessment or interest in and to the real property involved herein, adverse to Plaintiff, which constitutes a cloud upon the title of Plaintiff, and said parties have no right, title, lien, estate, encumbrance, claim, assessment or interest, either in law or equity, in and to the real property involved herein, and such claim may be set forth more specifically below. 5. In this regard, however, Plaintiff asserts that whatever right, title, lien, estate, encumbrance, claim, assessment or interest may be claimed by any party hereto, as stated herein, such claims, titles or interests in and to the premises herein being foreclosed are junior and inferior and subject to Plaintiff’s mortgage lien, and the said parties, as above stated, should be required to set forth their rights or claims upon said real property as above described, if any, or they should be forever barred and foreclosed from asserting any right, title, claim, lien, estate, encumbrance, assessment, or interest in and to the same. 6. Plaintiff has complied with all of the terms, conditions and provisions of said note and mortgage. 7. Plaintiff reserves the right to supplement this Petition upon discovering other parties, if any, that may claim an interest in the above real property. WHEREFORE, Plaintiff prays that it have judgment on its Second Cause of Action of foreclosure of its mortgage lien against all Defendants and to have said mortgage declared a valid, prior and superior lien upon the real property and improvements thereon, as hereinabove described, for and in the amounts above set forth, and ordering said real property and premises sold with or without appraisement as it may elect at judgment, as provided in said mortgage and by law, subject to unpaid ad valorem taxes and tax sales, if any, to satisfy said indebtedness secured thereby, and forever barring all parties, or any of them, if applicable, from any right, title, equity, lien, estate, encumbrance, claim, assessment or interest in or to said real estate therein described adverse to the title of the purchaser at said sale, and for such other and further different relief as it may be entitled to in equity and good conscience. Respectfully submitted, HALL & LUDLAM, PLLC ATTORNEYS 210 PARK AVE., STE. 3001 OKLAHOMA CITY, OK 73102 (405) 600-9500 (405) 871-5403 (FAX) BART A. BOREN O.B.A. NO. 970 [email protected] ATTORNEYS FOR TINKER FEDERAL CREDIT UNION ATTORNEY'S LIEN CLAIMED This is an attempt to collect a debt. Any information obtained will be used for that purpose. This communication is from a debt collector. NOTE July 21, 2018 [Date] Stillwater [City] Oklahoma [State] 308 South 7TH Street, PONCA CITY, OK 74601 [Property Address] 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $27,200.00 (this amount will be called "principal"), plus interest, to the order of the Lender. The Lender is Tinker Federal Credit Union. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note will be called the "Note Holder." 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of 7.990%. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 4(B) of this Note. 3. PAYMENTS I will pay principal and interest by making payments each month of U.S. $329.87. I will make my payments on the 1st day of each month beginning on September 1, 2018. I will make these payments every month until I have paid all of the principal and interest and any other charges, described below, that I may owe under this Note. If, on August 01, 2028, I still owe amounts under this Note, I will pay all those amounts, in full, on that date, which is called the "Maturity Date." I will make my monthly payments at Tinker Federal Credit Union, PO Box 45750, Tinker AFB, OK 73145 or at a different place if required by the Note Holder. 4. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charge for Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the late charge will be 5.000% of my overdue payment. I will pay this late charge promptly but only once on each late payment. (B) Default If I do not pay the full amount of each monthly payment by the date stated in Section 3 above, I will be in default. If I am in default, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (C) Notice from Note Holder If I do not pay the full amount of each monthly payment on time, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date I will be in default. That date must be at least 10 days after the date on which the notice is mailed to me or, if it is not mailed, 10 days after the date on which it is delivered to me. (D) Payment of Note Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back for all of its costs and expenses to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys' fees. 5. THIS NOTE SECURED BY A MORTGAGE In addition to the protections given to the Note Holder under this Note, a Mortgage, dated July 21, 2018, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Mortgage describes how and under what conditions I may be required to make immediate payment in full of all amounts that I owe under this Note. 6. BORROWER'S PAYMENTS BEFORE THEY ARE DUE I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment." When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note. A prepayment of all of the unpaid principal is known as a "full prepayment." A prepayment of only part of the unpaid principal is known as a "partial prepayment." I may make a full prepayment or a partial prepayment without paying a Prepayment charge. The Note Holder will use all of my prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the due dates or in the amounts of my monthly payments unless the Note Holder agrees in writing to those delays or changes. I may make a full prepayment at any time. If I choose to make a partial prepayment, the Note Holder may require me to make the prepayment on the same day that one of my monthly payments is due. The Note Holder may also require that the amount of my partial prepayment be equal to the amount of principal that would have been part of my next one or more monthly payments. 7. BORROWER'S WAIVERS I waive my rights to require the Note Holder to do certain things. Those things are: (A) to demand payment of amounts due (known as "presentment"); (B) to give notice that amounts due have not been paid (known as "notice of dishonor"); (C) to obtain an official certification of nonpayment (known as a "protest"). Anyone else who agrees to keep the promises made in this Note, or who agrees to make payments to the Note Holder if I fail to keep my promises under this Note, or who signs this Note to transfer it to someone else also waives these rights. These persons are known as "guarantors, sureties and endorsers." 8. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail addressed to me at the Property Address above. A notice will be delivered or mailed to me at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3 above. A notice will be mailed to the Note Holder at a different address if I am given a notice of that different address. 9. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each of us is fully and personally obligated to pay the full amount owed and to keep all of the promises made in this Note. Any guarantor, surety, or endorser of this Note (as described in Section 7 above) is also obligated to do these things. The Note Holder may enforce its rights under this Note against each of us individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. Any person who takes over my rights or obligations under this Note will have all of my rights and must keep all of my promises made in this Note. Any person who takes over the rights or obligations of a guarantor, surety, or endorser of this Note (as described in Section 7 above) is also obligated to keep all of the promises made in this Note. NOTICE TO BORROWER Do not sign this Note if it contains blank spaces. All spaces should be completed before you sign. WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED. [Signature] Seal [Signature] Borrower - Aaron R Ferguson Borrower - Karlsa L Ferguson (Sign Original Only)