Foreclosure is the process utilized by a creditor who has a mortgage or lien on a property to force the sale of that property to satisfy a defaulted debt. A Chapter 13 Bankruptcy is among the most effective and affordable methods to stop foreclosure and save property.

The filing of a bankruptcy case immediately stops a foreclosure by initiating an injunction called the Automatic StayThe property owner (or anyone else who can prove a legal interest in the property) can then propose a Chapter 13 repayment plan to cure the default over a period of up to five (5) years. Further, Chapter 13 can provide a cost-effective forum to litigate legitimate disputes with the mortgage company, without the looming threat of losing the property to foreclosure.

If your property is in foreclosure currently, or if foreclosure is threatened, you need to contact an experienced bankruptcy attorney immediately. DO NOT DELAY – TIME IS OF THE ESSENCE. At a minimum, foreclosure is a costly process and you will likely have to pay your mortgage company’s costs to save your property. The longer you delay, the higher those costs will be.

More importantly, there is a point in the foreclosure process when it will be too late to save the property. That point will vary significantly based on the state in which your property is located. In Oklahoma, we can stop a foreclosure by filing a Chapter 13 bankruptcy up until the time the property is sold. Thus, it is crucial that you hire an attorney and file a bankruptcy case before any scheduled sale. As Oklahoma’s foreclosure laws allow property owners a longer period to save property than in many states, we have had some success saving homes in Oklahoma after a sheriff’s sale (but before the “confirmation” of the sheriff’s sale). Thus, if your home has already been sold, it is worth trying to save, but there is no guarantee the attempt will be successful. 

Contact or call (405) 840-6363 Oklahoma city office, (580) 353-4353 Lawton office for a free consultation!