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Get Foreclosure Help Now!

Posted on: February 12th, 2020 by: Tulsa Attorney Directory

Avoiding foreclosure in Oklahoma City can be stressful.  No one goes into buying a house with the intention of it being foreclosed upon.  Every foreclosure is different and there is no one size fits all solution. Having an advocate to represent you during this process will save you money, time and stress. No matter where you are at in your foreclosure process, a foreclosure defense lawyer from the Oklahoma City Attorney Directory can help you with the following foreclosure options:

Forbearance with your lender

If you are experiencing a temporary financial hardship, a forbearance on your mortgage may be a solution.  When you enter into a forbearance agreement, you lower or stop your monthly mortgage payment. After the specified time period has ended, you repay the past due amount in order to catch up on your mortgage.  This can be done all at once or with a repayment plan. Great care should be taken as there are a lot of details involved for a forbearance.

Modify your Loan

In some cases a refinance of your mortgage is all that is needed.  This will, in effect, pay off your old loan, and create a new one. For others, a loan modification may be an option if you are ineligible for a refinance.  During the modification process, the terms of your original loan may change. Payment amount, length and interest rates can help reduce your monthly payment.  There are a lot of pitfalls when it comes to modification. Will you owe more money, will the modification help you or hurt you? Having a third party that has your interests in mind will help remove doubts and confusion.

Short Selling and Deed In Lieu

When a lender approves a short sale, they are agreeing to sell your property for less than what you owe.  Before a lender approves a short sale, they will look into your financial hardship and see if there is not enough equity in your property to pay off the mortgage after the closing costs are calculated.  Financial documents that include W-2’s and Tax Returns for the past 2 years, Payroll Stubs for the past 2 months, and 2 months of bank statements will be needed to begin the process. Your Attorney can help you with the documents that you receive from the bank to make sure that your best interests are represented. This is often the last step before foreclosure. 

Foreclosure

When you have exhausted the other options, a foreclosure may be your only option.  Demand Letters and Notice to Accelerate documents that find their way to your front door can heighten your stress, and create confusion.  Depending on how many missed payments you have will determine the action taken by your lender. The process can conclude between 2-3 months or it could take much longer.  Working with your Lawyer and having them work on your behalf will make your situation more manageable.

One of the most important things you can do is to keep records of everything.  A best practice is to keep a phone log. By recording the Date / Time of the phone call, the Phone Number Calling From /To, the name / ID of the person you are speaking to and Call Notes can provide you with the information to reference later.  By doing this, you are letting the bank know you mean business. You can reference your log and provide them to your attorney as well. There is life after foreclosure, and you don’t have to do it alone.  Use the Oklahoma City Attorney Directory to find your Foreclosure Defense Lawyer today.

 

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