Whether you have experienced a job loss, a decrease in earnings, personal problems such as a divorce, or are recovering from health issues, falling behind in just one or two payments could put your home at risk for foreclosure. In these situations, it is important to act fast to lessen a number of costs and penalties you incur and to ensure that actions available to save your home fall within the established timelines. The following outlines the foreclosure process in Oklahoma, as well as how filing for bankruptcy can help.
Legal guidelines for foreclosure are listed under Title 46 of the Oklahoma Statutes (Okla. Stat. tit. 46, § 41 to 49). There are two types of foreclosure proceedings in our state:
Judicial foreclosure is generally the most common. Even if there is a power of sale clause, there are steps you may be able to take to avoid non-judicial proceedings. Under U.S. Housing and Urban Development guidelines (HUD), foreclosures generally follow this timeline:
Once a sheriff’s sale is scheduled, you may still be able to save your home by paying all past due amounts and fees, or by filing for Chapter 13 bankruptcy.
Under U.S. Bankruptcy Court guidelines, Chapter 13 allows you to retain secured property, such as cars and homes while restructuring certain payments over a three to five year period. Once bankruptcy is filed, a ‘stay’ goes into effect, which prevents further collection or foreclosure actions until the case is resolved. Through a Chapter 13, you may be able to stop a pending sheriff’s sale, get relief from certain unsecured debts, and lower other payments and past due amounts, which can allow you the breathing room to better afford your mortgage.
If you are having trouble making payments or are behind in your mortgage, call or contact Deborah Brooks & Associates, P.C. online right away. We can schedule you a free consultation with our bankruptcy attorney in our Oklahoma City or Lawton office to discuss the options available in your case to help you save your home and your investment. Call our office today (405) 840-6363.