If you have fallen behind on your mortgage payments, and you are threatened with a foreclosure, you may not recognize the help a foreclosure attorney in Oklahoma City, OK can provide. The attorneys at Foshee & Yaffe understand the panic induced by the thought of losing your home. However, you need to ensure your rights are protected, and you need to know what options are available to you.
When you sign a mortgage agreement to purchase a home, you agree to pay a set monthly payment to repay the loan for that home. If a person is unable to make the mortgage payments, the lender may opt to force the sale of your home to regain at least a portion of what you owe. However, foreclosure is not always the best option for the lender because of the time and costs involved, so a lender may be willing to look at other options to assist you in the repayment of what you owe.
OPTIONS TO AVOID FORECLOSURE
- Loan modification – this option requires you to work closely with your lender to develop a different repayment plan that will help you make the monthly payment. A loan modification can include a lower monthly payment, a reduction in the remainder of the principal you owe, or removing late fees from past-due bills. Your lender must give approval for the plan, and you will need the new agreement in writing.
- Refinancing of your loan – if you have built equity in your home, you may be able to refinance your mortgage to establish a lower monthly payment. In addition, you can sometimes use the equity in your home to pay off other debts and have less money out-of-pocket for other expenses each month to help you afford your mortgage payment.
- Bankruptcy – if the foreclosure process has been started, a bankruptcy petition can place an automatic stay on the foreclosure to allow you more time to work out a plan. In most circumstances, the bankruptcy will not prevent the eventual foreclosure, but will help you regain financial stability. If the foreclosure process has not begun, a bankruptcy petition can allow you the relief from other monthly bills to help you pay your mortgage payment and avoid foreclosure. Bankruptcy lawyers at Foshee & Yaffe in Oklahoma City can help you determine if bankruptcy will be helpful.
- Short sale – some people who realize they do not want their property to face foreclosure opt for a short sale of their home. This process entails the sale of your property at an amount lower than its current value to pay what you currently owe on the home. A short sale will not allow you to remain in your home, but you will not have to go through the foreclosure process, and you will be able to recognize a fresh financial start sooner.
OKLAHOMA CITY, OK FORECLOSURE AND BANKRUPTCY REPRESENTATION
Financial hardships are experienced by most people at some point in their lives. Do not underestimate the value a skilled attorney can offer to protect your rights, and to give you the financial footing you need. Contact the Oklahoma City, OK foreclosure and bankruptcy attorneys at Foshee & Yaffe today to learn what options are available to you.