Are you on the brink of foreclosure? Wondering what options you have to avoid foreclosure in Oklahoma City before it’s too late?
Let’s face it. Just the thought of a possible foreclosure can be a paralyzing experience, especially when there’s a family involved. The long term consequences of a foreclosure can have a devastating impact on you, your family, your credit, and your quality of life for years to come. Many homeowners in the Oklahoma City area are facing the threat of foreclosure this year due to health issues, divorce, accidents, or the coronavirus pandemic.
If you’re worried about paying your mortgage and the possibility of foreclosure, you can face this head on and we’ll show you how to sell your Oklahoma City home in pre-foreclosure.
The following article is for research purposes only and is not intended to be legal advice. The laws pertaining to home sales and tax in Oklahoma and the Oklahoma City area are always changing. You should always consult an experienced attorney or real estate professional before taking any action.
What is Pre-Foreclosure?
Pre-foreclosure is the first step in the lengthy foreclosure process. This part of the foreclosure process is intended to give homeowners an option to stay in their home before the actual foreclosure. Consider this your official notice of action before it’s too late to sell your Oklahoma City home.
How Does The Pre-Foreclosure Process Work?
The pre-foreclosure process consists of a few steps, the first of which begins with placing you in default when you miss three or more monthly payments. Your mortgage lender has the right to place your property in foreclosure and sell it if you haven’t been keeping up on monthly payments. However, the foreclosure process is costly for both the homeowner and the lender. So, many mortgage lenders will give Oklahoma City area homeowners a chance to catch up on payments or make other arrangements before placing the property in foreclosure. In most cases, federal law allows homeowners to be more than 120 days delinquent before a foreclosure can begin.
Step 1 – Default
Once you’ve missed a few monthly payments and your lender is no longer confident you can catch up, they will decide to place you in default.
Step 2 – Notice of Default
Next, your lender will send you an official notice of default. The notice of default is a written notification from your lender stating that they will pursue legal action if the debt is not paid within a specified period of time. The lender will also give public notice to the Oklahoma City County Recorder’s office or file a lawsuit with the local courts. This officially begins the pre-foreclosure process and this can last anywhere from three to ten months for most homeowners. This is your final opportunity to contact Premier OKC Home Buyers for foreclosure help.
Step 3 – Auction
Lastly, it’s important to understand the goal of your mortgage lender. You made an agreement to keep up on monthly payments for your Oklahoma City property and they want to get the money owed to them. If you continue to be delinquent on your payments and fail to take action, your lender will auction off your property or hold a trustee sale. Once the property is sold, you’ll be forced to move out.
Can I sell a Oklahoma City home in pre-foreclosure?
Yes, you can sell your Oklahoma City home in pre-foreclosure and Premier OKC Home Buyers can help. If you received a notice of default and are facing foreclosure in Oklahoma City, you can sell your home up until the time it’s sold at an auction by your mortgage lender. Premier OKC Home Buyers can pay you cash for your Oklahoma City home in 7-10 days or less.
When is it too late to sell my Oklahoma City property?
In most states, you can get your home back after foreclosure within a certain period of time. This is called the right of redemption. After a foreclosed home is sold by the mortgage lender, you have an opportunity to pay the person who bought your Oklahoma City home at the foreclosure auction for the full purchase price, plus other costs. So, after the auction or sale, unless you pay the lender all you owe, you no longer own your home and you can’t sell it.
Sell your Oklahoma City area home in pre-foreclosure
We specialize in helping homeowners in Oklahoma City avoid foreclosure. Request a cash offer, show us your property, and get the cash you need in 7-10 days. We buy Oklahoma City houses in any condition, no repairs fixes, or cleaning necessary. Contact Premier OKC Home Buyers today with help selling your pre-foreclosed home in Oklahoma City.