Oklahoma Foreclosure Process Attorney and How Bankruptcy May Help
If you are unable to pay your mortgage, your lender can initiate foreclosure to repossess the secured property. Going through the Oklahoma
Judicial Foreclosure Process in Oklahoma
Title 46 Oklahoma Statutes (Oklahoma Power of Sale Mortgage Foreclosure Act) Chapter 2A §43 govern the foreclosure process in Oklahoma. In Oklahoma, foreclosures are conducted through the court system if there is no power of sale present in the mortgage or deed of trust.
Under a judicial foreclosure, lenders are required to file a petition with the court to obtain an award for damages of money due under the mortgage and to allow the property to be sold in a foreclosure sale. Lenders usually wait 3 – 6 months after the non-receipt of payment to file a foreclosure petition. Here is a brief timeline explaining the foreclosure process in Oklahoma.
Notice of Intent to Foreclose
The Oklahoma foreclosure process starts with the lender sending the borrower a Notice of Intent to Foreclose. Your mortgage lender will send you this letter to provide you with notice that the foreclosure process has begun. Do not disregard this notice. If you do not do anything to resolve your delinquent payments, you may lose your home within 3 – 6 months.
Notice of Lawsuit
The Notice of Lawsuit will be served upon you once your mortgage lender files a civil complaint for damages. You will be summoned to appear in court to contest the complaint. Hire an attorney to review the complaint and provide an answer. You must answer the complaint and appear in court. Failure to do so may result in a default judgment being entered against you.
- Borrower Response
When you submit a response, you will be provided the opportunity to state why your home should not be foreclosed.
Notice of Intent to Sale
If the judge issues a judgment in favor of the lender, the lender will send you a Notice of Intent to Sale the property. You have 10 days to respond to the notice. You can avoid a foreclosure sale if you pay the remaining mortgage balance. Consult with a lawyer for legal guidance if you receive a Notice of Intent to Sale. You may be able to seek a loan modification, short sale, or file for bankruptcy protection to stop the foreclosure process and protect your property.
The Notice of Intent to Sale must be personally served on you no less than 30 days prior to the date of the sale and must be recorded within 10 days of the passing of the 35 day cure notice period.
Foreclosure Auction
If you are unable to pay the remaining balance of the mortgage, or file for bankruptcy, your property will be auctioned off. If no bids are made on the property, the lender will become the owner by default.
Repossession
Upon the legal transfer of ownership, the lender will be able to repossess the property. If you continue to reside in the property after is has been transferred, the lender will initiate an eviction action against you.
Oklahoma Non-Judicial Foreclosure Process
A non-judicial foreclosure sale occurs if there is a power of sale clause in a mortgage or deed of trust. This clause provides for the borrower to pre-authorize the sale of their secured property to pay off the balance of the property’s mortgage note in the event of default. The power of sale clause outlines the time, place, and terms of the sale. If it is silent, then the lender must provide the borrower with a Notice of Intent to Foreclose By Power of Sale. The borrower will have 35 days from the date the notice is sent to cure the problem. If the borrower cures within the required timeframe, the foreclosure will stop. The lender must record the notice with the County 10 days into the 35 day notice period. The lender is required to publish the notice in a local newspaper within the county once a day for 4 consecutive weeks. The property must be sold to the highest bidder at the time of the specified auction date in the notice.
If you are faced with a possible foreclosure, contact an Oklahoma foreclosure attorney immediately. Our attorneys can review your situation and possibly provide a legal strategy for you to save your home. For instance, it may be appropriate for you to file for bankruptcy, or put your home on the market as a short sale. We invite you to contact us today for a consultation.
Contact Oklahoma Foreclosure Process attorney About Bankruptcy
If you have question for an Oklahoma foreclosure process attorney we can help. Our foreclosure and bankruptcy attorneys can explain the process to you including how filing an Oklahoma bankruptcy might help. Call today for a free consultation with one of or Oklahoma foreclosure and bankruptcy attorneys.
Oklahoma Foreclosure Process Attorney
http://tulsabankruptcylawyers.net/oklahoma-foreclosure-process-attorney/
No comments:
Post a Comment