Foreclosure Prevention Lawyer Advocating For Clients in Oklahoma City
No one wants to go through the devastating experience of losing their home, but sadly, this is a reality that many people in Oklahoma City have to face. Fortunately, there are several ways to protect your family home and stop foreclosure proceedings.
If you are behind on your mortgage payments, it’s in your interest to contact the foreclosure prevention attorneys at Mitchell & Hammond today. Let our team help you keep your family home and take control of your finances.
How Quickly Can Lenders Foreclose On Homes in Oklahoma City?
Your lender cannot foreclosure on your home simply because you are a few days late on your mortgage payment. Lenders will typically not initiate foreclosure proceedings in Oklahoma until the borrower is at least 120 days delinquent on the mortgage. At this time, the lender can initiate a judicial foreclosure to take ownership of your home.
If the lender initiates a judicial foreclosure, you will be notified right away. Once you receive the foreclosure notice, you will have 20 days to respond. If you don’t respond, the court will issue a default judgment and allow the lender to sell your home. The lender must notify you at least 30 days prior to the sale date.
How to Stop Foreclosure With Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, the court will immediately order an automatic stay, which will stop foreclosure proceedings. But, the automatic stay will not last forever. The automatic stay is lifted once the Chapter 7 bankruptcy case is closed, which is usually between three to four months.
The sooner you take action to prevent foreclosure, the better your chances are of keeping your home. If you file for Chapter 7 bankruptcy after receiving a foreclosure notice from your lender, they can quickly move forward with foreclosure proceedings once your case has been closed. However, you will have a better chance of keeping your home if you file for Chapter 7 bankruptcy before receiving a foreclosure notice. This is because most of your debts will be discharged in Chapter 7 bankruptcy, so you should be in a better financial position to catch up on mortgage payments and keep your home.
How to Stop Foreclosure With Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy can also help homeowners who are at risk of losing their home. The automatic stay will go into effect once you have filed for Chapter 13 bankruptcy. This will give you time to sort out your finances.
Homeowners who have missed mortgage payments must incorporate these payments into their Chapter 13 repayment plan. Because these payments are part of the repayment plan, they can be extended over for the length of the plan, which is usually five years. This gives homeowners plenty of time to catch up on missed mortgage payments. However, it’s important to note that homeowners who file for Chapter 13 will be expected to make their regular mortgage payments in addition to these missed payments.
With the right payment plan, homeowners who file for Chapter 13 bankruptcy can usually retain ownership of their home even if they have missed mortgage payments in the past.
How to Stop Foreclosure With Loan Modifications
Loan modifications can also benefit homeowners who can no longer afford to make mortgage payments. As its name suggests, a loan modification is a modification of the mortgage’s terms. Eligibility for loan modifications varies from lender-to-lender. Lenders may ask you to provide proof of financial hardship, such as job loss or reduction in child support or alimony payments.
If you are eligible, your lender may agree to modify your mortgage in a way that reduces your monthly payments. This way, you won’t have trouble making monthly payments, so you won’t fall behind and lose your home.
Negotiating a loan modification is tricky, so contact an experienced bankruptcy attorney in Oklahoma City for help. The foreclosure prevention attorneys at Mitchell & Hammond can negotiate with your lender to obtain more favorable terms and lower mortgage payments.
Schedule A Free Consultation With Our Oklahoma Attorneys to Learn How to Stop Foreclosure Proceedings
If you are at risk of losing your home, it’s important to seek legal representation from a skilled foreclosure prevention lawyer in Oklahoma City. Let the team at Mitchell & Hammond review your case to determine the way for you to save your home and get your finances back on track. To schedule a free consultation, call 405-216-0007 or submit your information via the form on this website.