Missing your mortgage payment is not the only thing that leads to foreclosure. Not taking necessary action on time is what makes your lender initiate foreclosure. Once you discover that you won’t make a regular payment due to some financial setback, you should contact your lender to discuss alternative solutions. The best way to save your home is to prevent foreclosure from happening. However, many homeowners do not take action early and end up with their homes been foreclosed. In Oklahoma, most foreclosure is processed in court; this is called the judicial foreclosure process. It demands that the lender has to file a petition to court before they can foreclose your home. The court will then send you a summon. If you have any defenses that can note them in your reply to the court summon and a hearing will be scheduled, otherwise, a final judgment of foreclosure will be passed, and your home will be sold.
The first step you should take towards stopping foreclosure on your home is to find out about how the foreclosure is processed in Oklahoma. There are dos and don’ts that you should note to be able to stop foreclosure effectively. Here are some:
There are no specific laws in Oklahoma that permit homeowners to redeem their home after being sold. However, after a foreclosure sale has been concluded, the court must approve the sale due to the judicial nature of the foreclosure. The period before the court approves the sale can be maximized to redeem your home. You will have to pay off your loan in full plus other charges to redeem your home.
In Oklahoma, lenders can sue you for a deficiency judgment after a foreclosure sale has been made. A deficiency judgment is a judgment given by the court to a borrower to pay upon the amount owned that the foreclosure sale did not cover. It could be harsh on homeowners who have already lost their homes to pay off their loan’s remaining balance. However, Oklahoma law permits this to happen.
These are some of the things you should know before setting out to stop foreclosure. Research more on laws that guide foreclosure in your state to increase your chances of success.