Given that millions of properties are entering foreclosure nationwide, it’s critical for both buyers and mortgage holders to comprehend the procedure.
So what is a pre-foreclosure in Oklahoma City anyway?
Many homeowners in Oklahoma City, across America, are having trouble with their monthly mortgage payments.
The loan company will send a warning if a homeowner skips three to six months of mortgage payments, advising them to pay up or risk losing their property. “Pre-foreclosure” is the term for this time frame.
Banks and mortgage lenders often give homeowners three months to catch up. This figure may, of course, change from bank to bank and scenario to situation.
The bank will take ownership of the home through a foreclosure process and evict the homeowner if a homeowner doesn’t make the required payments. Fortunately, a mortgage holder has a number of options to choose from at this point in the foreclosure procedure to keep their house.
Pre-foreclosure Options for Borrowers
You’ll probably get a “notice of default” from your mortgage lender if you’re behind on payments.
It will be noted in this document that you have fallen behind on your mortgage payments for the past 90–180 days. It’s crucial to be calm.
You have options that can delay or perhaps avoid losing your home:
- If you have equity in your home and your mortgage is “above water,” you might be able to refinance your loan and get a cheaper interest rate. Consult your neighborhood Oklahoma City mortgage broker, or get in touch with us and we may put you in touch with a reliable one.
- You might be able to sell your house quickly to a reputable real estate investor in [market city] like us at 12 Point Homes, and use the cash from the sale to pay the months’ worth of back payments. Alternatively, we *might* be able to negotiate with the lender to have all or part of your back payments waived. We can purchase your house in the Oklahoma City OK region quickly—often in just a week or two—pay in cash, and relieve you of the burden of attempting to find a buyer.
- You can ask the bank to approve a short sale by getting in touch with them. You will sell your house for less than it is worth in a short sale, and the bank will deduct the difference from its taxes. If the house doesn’t sell for what is owing on the loan in a short sale, you can still be compelled to pay the bank the difference.
- By filing for bankruptcy, you may be able to buy yourself some time to pay off your debt. A bankruptcy can seriously harm your credit and is reported on your record for years.
Lenders are frequently eager to cooperate with borrowers since they are acutely aware of the pervasive financial difficulties throughout the nation.
If you’re open and honest with your lender, you’ll frequently discover that there are choices available that will let you keep your home or at the very least preserve your credit.
If you’ve gotten a Notice of Default from your lender, do your due diligence right away. A foreclosure can frequently lower your credit score by 200–400 points and make it impossible for you to get a loan of any kind for five to seven years.
Nonetheless, if your lender and you are unable to come to an agreement, get in touch with us. We might be able to assist.
Ways We Can Help If You’re In Pre-Foreclosure
- With a short sale, we might be able to assist. To help us determine whether we can help, please submit your information using this page.
- We can purchase your home in the [market city] area. In Oklahoma City, we buy homes, and we’d be happy to make you an all-cash offer for your home as well. To begin, simply complete this form. >>
- We welcome your inquiries and may offer you FREE insight and tools to help you make an informed choice. You have nothing to lose by doing this, and there is no obligation or pressure of any kind. This is just unrestricted free advice.
You still have time to resolve this issue if you are in the pre-foreclosure stage.
Simply get in touch with your bank to see if they’re ready to deal with you, or get in touch with us to find out how much we can pay for your house or to take advantage of our free foreclosure services.