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Saving Your Home from Foreclosure

If you don’t make the mortgage payments for your home in Oklahoma, your mortgage lender or your bank may take the necessary measures to take your home away from you. Besides, it’s not exactly a property you own until you’ve paid off your mortgage. Until you do, you and the bank have ownership rights of your house in Oklahoma. This is because if you don’t respect your end of the bargain, the bank will come knocking.

This legal procedure is called a “foreclosure,” and it’s going to result in you losing your home. You’re also going to have to pay a foreclosure fee and an additional legal fee while your credit score takes a hit too! But before everything’s said and done, here are some last-minute strategies from Exit Strategy Investments to save your home from foreclosure in Oklahoma.

Avoiding a Foreclosure

Can A Payment Be Forgiven?

If you can reach an agreement that states you’re going to be diligent after missing a few payments (without giving these payments back to the owner), the lender might agree on giving you a break. This will waive your obligation for the loan. This particular scenario is called debt forgiveness, and as you might have guessed, it doesn’t happen too often.

Making A Partial Claim

Because of a partial claim, the mortgagee can advance their funds to the borrower with the help of a promissory note. So as long as you don’t do anything wrong for at least a year, you may be granted a partial loan that will make all your mortgage payments current. This process is basically a second mortgage behind your current lien that will collect no interest. Moreover, this isn’t going to be due until you sell your home, or pay off your first mortgage.

What To Do After a Notice Of Default

After the notice of default has been filed, there are a limited number of things you can do to save yourself. Here’s where you should start.

Read: Foreclosure Notice of Default in Oklahoma – What is it?

Sell Your Home!

Even though several people tell you to work with a real estate agent, don’t make the mistake! Compared to real estate agents who can take time to find you the perfect buyer and then charge you commission, a much better approach is to sell your house to a home-buying company in Oklahoma. Companies like Exit Strategy Investments are reputable in the house-buying market since they can buy your home for cash.

Because of this, you can get rid of your house quickly! Just read our testimonials!

Short-Term Rental

The lender may also work out an agreement in which the homeowner can take their time to look for a home while staying at the same property. If you’re the owner, you should negotiate your right for occupancy!

Conclusion

If you’re facing foreclosure and you’re considering taking any of the steps mentioned in this article, we strongly recommend that you get in touch with Exit Strategy Investments. We’ve created a free foreclosure guide that can help you avoid foreclosure effectively. Just fill out a form and get it today for free!