Life is certainly unpredictable, and we all have experienced this first-hand with COVID-19 (coronavirus), we were living life having the best time of our life enjoying everything that life had to offer, then next thing we knew, part of the country begins shutting down. Now obviously there are two sides to this story, some are the lucky ones who have not had any issues with their mortgages and were not struggling to put food on the table. Then there’s the other story where you may have experienced being laid or furlough as a result, you may now be facing foreclosures, unsurmountable debt during this challenging time.
It is this exact reason that you need to understand that it is beneficial to know the foreclosure process in Oklahoma. You will want to know how it works and once you have an understanding it will allow you to discover the different ways you can avoid having your property taken by the bank. Look I get it you won’t become an expert in the topic overnight but knowing the foreclosure process with the ins and outs will help you to prevent it and potentially save more money in the end. Just remember the initial steps starts with the mortgage company filing a foreclosure action and serving you a petition.
Many servicers usually have to wait until the loan has been in default or delinquent for more than 120 days before they can officially initiate the foreclosure process. Once the lender has served the petition, you are then given 20 days within which you should respond. If you are not able to formulate a response, this is where an attorney will come in handy to assist. Oklahoma is one of the states that is very unique when it comes to the foreclosure process.
There are two ways Oklahoma pursues foreclosures on a property; (1) a non-judicial sale which is also knowns as a power of sale and (2) a judicial sale. Usually, most of the foreclosures in Oklahoma are judicial, with very few being processed through a power of sale. So, since most of the foreclosures are processed as judicial foreclosure, a summons and complaint will be sent to you to notify you of the lender’s suit, which is their intent to try to rectify the situation or foreclose on the property.
It is important to note that if you fail to answer the court action, a default judgment will be given by the court. In response, the lender will be permitted to hold a foreclosure sale. However, if you have taken the time to respond by answering the complaint, the case will then go through a litigation process, and a summary judgment may be given in favor of the lender or if you lose the court trial. At the end of the trial, the judge will order the house to be sold at a foreclosure auction sale.
As you can see the foreclosure process in Oklahoma can becoming challenging, stressful, and difficult for anyone, so it is best to avoid foreclosure if possible altogether.
We also advise you to call the bank and try to work out something with them either by having a short sale or refinancing it. You can also work with a company like Exit Strategy Investments to help you sell the house fast; we will buy the home in its as-is condition and ensure that you get the value for your money on the house.
Call us today at (405)698-3948