What is a foreclosure and how can I stop it?
When you fall behind on your mortgage payments, after a period of time your lender may begin foreclosure actions. Your lender takes these legal steps as an attempt to either get you to pay what you owe or legally sell your property for what is owed to them.
If you fall behind on your mortgage payments long enough, you will most likely lose your home to foreclosure. The legal procedure of “foreclosure” permits a lender, or a future loan owner, to sell your home to satisfy a debt you owe.
To prevent a foreclosure from happening, seek advice from foreclosure lawyers that can provide you with legal advice on whether to take Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, or a Loan Modification.
Stopping Foreclosure Through Chapter 7 Bankruptcy
The Bankruptcy Court accepts Chapter 7 bankruptcy forms. When you submit your Chapter 7 bankruptcy petition, schedules, and other paperwork with your local bankruptcy court, your Chapter 7 bankruptcy will begin. Bankruptcy documents expose your entire financial situation and include information such as
- monthly living expenses and debts
- earnings
- The property you can keep or “exempt” your property
- Chapter 7 trustee will sell the non-exempt property to paying creditors, and
- Gifts, sales, and other property transactions that occurred up to ten years prior to the filing date are not included.
The property you can exempt is determined by your state. Some equity in your home, car, clothing, household furnishings, a retirement account, and some instruments needed in your trade or business will almost certainly be protected.
Stopping Foreclosure Through Chapter 13 Bankruptcy
Generally, people prefer Chapter 13 bankruptcy because they earn too much to pass the Chapter 7 means test, don’t want to lose their home or car after slipping behind on payments, or want to prevent wage garnishment and other collection strategies by repaying support arrearages or recent tax debt over a five-year period.
The next stages to Chapter 13 Bankruptcy are to figure out if you’re qualified, how much you’ll have to pay, and what obstacles you could experience during your plan.
Your foreclosure lawyer can walk you through the entire Chapter 7. Scott Harris has successfully helped hundreds of Oklahomans in similar situations keep their homes or work out a solution to avoid foreclosure, so they can move forward with their lives. These solutions might include loan modification, loan reinstatement, short sale, or deed-in-lieu.
What should I do when I receive a foreclosure notice?
When a homeowner receives a foreclosure notice, the first thing they should do is consult with an experienced Oklahoma City foreclosure attorney. If you’ve received a foreclosure notice in the mail, you’re probably worried about your future, particularly the changes your family will have to make if you have to relocate.
The last thing you would want to receive after a foreclosure notice is a breach letter. If you are unable to make your mortgage payments, your lender may seek foreclosure action against you.
The procedure does not commence until a homeowner has been in arrears for more than 120 days. If you have received a “breach letter” from your lender, it means they’re going to start the foreclosure process against you. If you haven’t already contact Scott Harris Law for help. Your initial consultation is free. We will meet with you to discuss your situation and what options might be available to you. We can help you decide the best plan to move forward and begin to defend your rights as a homeowner.
What is the foreclosure process in Oklahoma?
Your lender must wait until you have been late for more than 120 days before bringing a complaint in court as part of a judicial foreclosure.
As part of a non-judicial foreclosure, your lender may be able to foreclose on your home without having to file a lawsuit.
Judicial Foreclosure
A judicial foreclosure occurs when a lender files a lawsuit seeking a court judgment authorizing a foreclosure sale. If you do not respond in writing.
If you choose to defend the foreclosure lawsuit, the court will review the evidence and render a decision. If the lender wins, the judge will issue a judgment and order the auction sale of your home.
Non-Judicial Foreclosure
If the lender chooses non-judicial foreclosure, it must follow the state statutes’ out-of-court procedures. After completing the necessary steps, the lender may sell the property at a foreclosure sale. Most lenders prefer the nonjudicial process because it is faster and less expensive than going to court.
What are my legal rights as a homeowner?
Getting behind on paying your mortgage is stressful, serious, and requires immediate legal intervention to prevent foreclosure. The good news is you do have options and legal rights as a homeowner.
- Apply loss mitigation
- A nonjudicial foreclosure to a judicial foreclosure
- Get notification of the foreclosure
- If you’re in the military, you’ll have extra protection.
- To avoid a foreclosure auction, pay off the debt.
- Following the sale, redeem the property for a limited time
- Acquire any leftover funds from a foreclosure sale
What can a foreclosure attorney do for me?
Should you find yourself in this situation, you are probably wondering what your options are to stop foreclosure and work out a solution with the mortgage company. Scott Harris Law provides each of its clients the legal defense and strategies necessary to work with the court system, the bank’s attorneys, and the mortgage company.
Get in touch with an experienced foreclosure defense attorney in Oklahoma
If you’re having trouble getting out of debt or even making your payments, you’ve probably contemplated filing for bankruptcy relief. Receiving a foreclosure notice from your lender is complex, more so, obtaining a breach letter in the mail.
Depending on your circumstances, Chapter 7 or 13 bankruptcy may be a realistic choice for you. Furthermore, filing for bankruptcy can assist you to avoid having your house sold if it has gone into foreclosure, or at the very least allow you and Scott Harris, a reputable foreclosure attorney in Oklahoma, some time to strategize.
When you file for bankruptcy, an automatic stay goes into place, meaning that any attempts to collect debts or proceed with foreclosure must be put on hold.
Contact our law office today. Scott Harris Law provides experienced foreclosure defense and bankruptcy services to Oklahomans in all 77 counties and works diligently alongside its clients every step of the way to prevent foreclosure.
