Are you struggling to pay rent? Are you facing a foreclosure or going into default on your mortgage? It might be time to consider a foreclosure defense lawyer. Foreclosure is a stressful process, so examine all of your financial options, and don’t lose your home. Use the Tulsa Attorney Directory to hire a local foreclosure defense lawyer who will carefully examine your mortgage agreement, financial situation and any documentation sent to you by the bank in order to develop a strategy uniquely tailored to your situation.
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Falling behind on any bill, including your mortgage payment, comes with phone calls from debt collectors. Do they call at all hours of the night? Are you receiving phone calls at work? Do the calls never end? At what point is it harassment? According to the Fair Debt Collection Practices Act; there is abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors. Abusive debt collection practices contribute to the number of personal bankruptcies, to marital instability, to the loss of jobs, and to invasions of individual privacy.
If the debt collector receives written notice from the debt holder to cease communications they must unless:
In the State of Oklahoma, a Notice of Foreclosure is legally required to be given to the debt holder. The Foreclosure processes varies state to state, and in Oklahoma Non-Judicial Foreclosures are allowed. This type of foreclosure takes place outside of the court system. If the non-judicial route is taken, both a Notice of Intention to Foreclose and Notice of Sale must be provided. The Notice to Foreclose allows the debt holder thirty-five days to financially rectify the situation. While the Notice of Sale must be personally delivered if the debt is not brought up-to-date.
However, the debt holder is allowed, under state law, to force a Judicial Foreclosure. If a “power of sale” is included in the mortgage agreement a non-judicial foreclosure is standard. This type of foreclosure insures the debt holder has their day in court through a lawsuit. If the debt holder fails to respond to a foreclosure court summons, favor will be granted to the lender. A Judicial Notice to Sale requires notice at least ten (10) days before the sale date, and two weeks of publicized publication, including the newspaper. If you would prefer a judicial foreclosure, force the hand by either:
Either of the above actions must be done within a minimum of ten (10) day before your foreclosure date.
Oklahoma statute provides you the opportunity to redeem your property until the judicial foreclosure confirmation is complete. This allows the opportunity for the debt holder to repurchase a foreclosed property within a set amount of time. Oklahoma however does not afford the right to reinstate your property. However, your terms of mortgage often allow it. Provide you loan documents to an experience foreclosure defense attorney to help navigate your rights as a homeowner.
If a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage or deed of trust secures, a deficiency judgment may be obtained. The action must be taken within 90 days after the foreclosure sale, and can’t surpass the difference of the fair market value of the property and the amount of the debt previously owed. A deficiency action can also recover all court cost and fees.
If you’re facing a foreclosure or going into default on your mortgage, bankruptcy can be an option. If you’ve suffered financial difficulties, and are having trouble paying your monthly mortgage consider filing bankruptcy to save your home. Oklahoma law forbids a foreclosure to take place while bankruptcy is filed, open, or pending. While your payment will not be reduced this is a viable option to keep your home. One advantage is the ability to have second mortgages stripped off during the bankruptcy process. The remaining debt can then be payed as an “unsecured debt.”
In Tulsa, you will receive a Notice to Leave following the finalization of a foreclosure. The average time to move can range from 3-30 (three to thirty) days. It is recommended that the debt holder move before the new home buyer is legally allowed to inhabit the property. Staying past your notice date and forcing a new buyer to evict you from the property can result in an unwanted criminal record including forcible entry, a detainer action, or an unlawful detainer. This notice can come in the form of a “writ of assistance” or “writ of possession” which is a Sheriff posted court order. This order can be as issued in as quick as 24-hours. Not obeying a “writ of assistance” or “writ of possession” will result in the physical removal of yourself and property by local law enforcement.
Facing Pre-Foreclosure or Foreclosure can be very stressful, but you don’t have to go through it alone. Don’t succumb to undue stress or sacrifice your quality of life. Use the Tulsa Attorney Directory to hire a local foreclosure defense lawyer who will carefully examine your mortgage agreement and finances in order to develop a strategy uniquely tailored to your situation.