A mortgage is a type of loan in terms of money that a person gets against collateral to purchase any form of real estate. The loan is paid back in fixed amounts monthly/bi-annually/annually. The collateral is usually the property being purchased. If one cannot pay back the amount according to the discussed schedule, the lender can repossess the property and sell it to get their amount back. The ideal amount taken as a mortgage is 80% of the value of the property in Oklahoma.
That said, when tragedy strikes and your home is near foreclosure, Exit Strategy Investments can help you avoid foreclosure Oklahoma.
Here are 5 tips for getting out of a mortgage to avoid foreclosure.
1. Have A Strategic Exit
When a homeowner is simply unable to pay back the amount to the lender, they may choose to walk away from the property. This can be done legally by giving the right of the property to the lender or by sending the keys to the lender and choosing to leave the place quietly.
2. Rent out the Place
If the property owner has other means of living and it is not their primary residential option, they might rent out the said land. Though this might not get one out of the mortgage completely, it certainly does help with the repayment, making the procedure easy.
3. Investment Strategy
If you have the means before landing in a big loan, try to plan an investment strategy like having a passive income generation, an inheritance that can be liquefied, or shares that can be sold. If the property is worth the amount, you as the owner may choose to use one of the said options and quickly get out of the mortgage without burdening oneself with more interests.
Read More: 3 Savy Tips on How to Avoid A Foreclosure
4. Transfer the Property To The Lender
Homeowners may choose to legally transfer the property in the lender’s name when their mortgage becomes more than the property’s actual value in Oklahoma. This can be done by signing a deed in place of foreclosure; the lender is then legally allowed to sell the property and keep all the proceedings, although in some cases, the homeowner is eligible for a difference.
5. Sell the Property
In an extreme scenario, if the property owner is too far behind their payment and there are no options of paying off the mortgage owners may opt for selling the property. This can be done through a company that legitimately buys and sells land quickly; this option, the owner may need not pay anything extra from their pockets, and the amount can be used to pay off the proceedings. Though this may sound like a red hot option, owners may find that they can’t sell the property in Oklahoma for an amount more than they owe.
Getting a house of your own is a dream for many, but it is essential to consider all the options before signing up for a mortgage. If you’re currently facing foreclosure on your house in Oklahoma, Exit Strategy Investments can save you!
For more information, call us today on 405-698-3948.