These days, so many homeowners in Oklahoma City are facing an uncertain future when it comes to paying their monthly mortgage. Some may have lost their jobs, while others may be dealing with unexpected medical expenses. Whatever the case may be, it’s important to remember that you’re not alone. There are options and alternatives available that can help you avoid the stress and fear of a potential foreclosure. It’s important to explore your options and take control of your financial situation.
If you have begun receiving late notices from your lender, it’s important to reach out to them as soon as possible to discuss your options. This may be a difficult conversation to have, but it’s an important step in finding a solution to your financial problem. Some options that your lender may offer include refinancing, a repayment plan that fits your budget, temporary suspension of mortgage payments (forbearance) that will be added to the end of your loan, or a loan modification. It’s worth exploring these options and finding the one that works best for your individual circumstances.
If you’re unable to find a solution with your lender, you still have options available to you:
Consider A Short Sale
One common option to consider is a short sale. A short sale involves selling your Oklahoma City home for less than its market value. This option requires the approval of your lender and will have an impact on your credit score, although it’s not as severe as a foreclosure. Your lender will also be involved in the process of selecting a buyer and approving the sale. Although a short sale is not ideal, it may be a better option than foreclosure, which can have more long-term negative financial and emotional consequences.
Deed in Lieu of Foreclosure
A deed in lieu of foreclosure is a legal agreement in which a homeowner voluntarily transfers ownership of their property to the lender. This option is not frequently chosen by banks because of the numerous requirements and restrictions that must be met. Despite the homeowner’s willingness to surrender the property, it still has a detrimental impact on their credit score, similar to a foreclosure.
File For Bankruptcy
Filing for bankruptcy can be a difficult decision, but it may be a necessary option as a last resort. When you file for bankruptcy, the law requires creditors to stop all collection activities. This does not mean that you’re no longer responsible for repaying your debts. Rather, it allows you time to recover from a financial hardship, such as losing your job or experiencing a medical emergency. During bankruptcy proceedings, a court-appointed trustee will mediate between you and your creditors to determine a reasonable repayment plan. It’s important to note that bankruptcy will have a significant negative impact on your credit score.
Sell Your House For Cash To Premier OKC Home Buyers
Selling your home quickly and using the proceeds to pay off your mortgage is a straightforward way to avoid foreclosure without damaging your credit. This option is only feasible if the value of your home is higher than your outstanding mortgage debt. If the sale of your home results in a profit, you can keep the excess funds.
One way to expedite the selling process is to reach out to Premier OKC Home Buyers, a company that offers fast, hassle-free cash offers for homes in Oklahoma City. With Premier OKC Home Buyers, you won’t have to worry about showings or offers falling through. They understand the urgency of getting you out of debt and offer a quick solution for selling your house Oklahoma.