Going into foreclosure is not a topic that is popular, in fact, it is a topic that many homeowners prefer to avoid altogether. – Foreclosure Oklahoma. The lender will send you notices in the mail in an effort to capture your attention to get the mortgage back in good standing. Receiving foreclosure notices in the mail does not mean the lender is going to repossess your home. In fact, there is still time and a few things you can do to delay and even stop the foreclosure Oklahoma.
Most homeowners prefer to save their personal credit score as much as possible, so the foreclosure does not leave them or their personal credit in a miserable place.
Develop Your Knowledge
One of the first things you will want to do is familiarize yourself with what exactly is happening. In order to do that you will want to gain an understanding and develop your knowledge. In your original lender packet, you may want to review the Notice of Delinquency policy and what you can expect from your lender. In addition, the initial notices of late mortgage payments from your lender referenced specifics on how you can prevent foreclosure. After you have become familiar with the notices you will want to the foreclosure process in Oklahoma and how they are handled.
Contact Your Lender
After you have educated yourself with foreclosure and have an understanding you will need to contact your lender. Believe it or not, but foreclosures are expensive and stressful for all parties involved, this is the homeowner and the lender. Due to foreclosures being expensive many lenders would prefer to work with the homeowners to find a solution that will be more favorable than a repossession of the home.
Here is a list of options that your lender may offer you to stop foreclosure:
- Refinance Mortgage: Your lender can provide you with a new loan, this will entail new terms and rates, to assist you to pay all your missed mortgage payments.
- Forbearance: Under a forbearance, the lender chooses to temporarily defer a homeowner’s mortgage payments for a specified timeframe.
- Loan Modification: This is where the lender acknowledges and agrees to adjust the terms of the homeowner’s existing loan, interest, and loan terms to attempt to make their mortgage payments more feasible.
- Restructure Loan for Repayment Plan: Here the lender agrees to work out a repayment plan that may fall more in line with the homeowner’s budget to help get caught up on the late payments.
Sell The House
The last option you have as a homeowner is you can sell the house to avoid foreclosure. If you decide to sell your home Oklahoma, then you will want to do it quickly.
Exit Strategy Investments, we buy houses in Oklahoma for cash, and we will buy yours in less than 7 days. If you are facing foreclosure and ready to sell your home fast and avoid foreclosure, just give us a call at (405) 698-3948 or visit us at www.exitstrategyinvest.com