Foreclosure and Oklahoma Bankruptcy go hand in hand. Oklahoma and the country as a whole have experienced a reduction in foreclosures. This is due mainly to the shaking out of the subprime mortgage fallout. Regardless of this recent reduction in foreclosure rates there are plenty of Oklahoman’s who are in danger of losing their home in a foreclosure.
Oklahoma Foreclosure Process
Most foreclosure’s involve whats called a power of sale provision. This is found, if at all, in the deed. If there’s a power of sale provision it sets out the procedure for foreclosing on the property. If there isn’t a power of sale provision the foreclosure process is much longer and requires certain guidelines related to notice. In either case before your home is foreclosed and you’re set out of it you’ll have ample notice. Even after its sold at the Sheriffs sale there’s another 30 days after before the sale is confirmed.
Oklahoma Chapter 13 and Foreclosure
If you have a home in Oklahoma and you’re behind on the mortgage payments a chapter 13 might be for you. This is because once you file a chapter 13 the foreclosure process is stopped. Its stopped because when you file a bankruptcy this triggers an automatic stay. This stays any collection activities against you which includes foreclosures and repossessions. A chapter 13 sets you up with a repayment plan designed to catch you up on your late mortgage payments and to remove any liens on the home. It does this by taking the late payments, including fees, and creates a five year re-payment schedule. At the end of the five year period your late mortgage payments must be caught up.
Chapter 13 Bankruptcy Attorneys Near You
If you’re facing foreclosure on your home and left with few options we can help. Its not unusual for people to fall behind on their mortgage payments. Once this happens repaying the late payments is made even more difficult by the mortgage lender. Our Oklahoma bankruptcy attorneys know how to stop foreclosure by filing chapter 13 bankruptcy. Contact one of our Oklahoma foreclose attorneys for a free and confidential consultation.