Bank Foreclosure Lawyer Oklahoma City, OK
Foreclosure is a scary, confused and complex process. This is especially true when you are a homeowner, and you see news stories about banks taking actions that are inappropriate or wrongfully foreclosing people’s homes. This has probably scared you, and that’s okay, the Law Firm of Marty Martin is here to help walk you through the foreclosure process and defend you if you have been wrongfully foreclosed on.
So let’s talk about what banks are not allowed to do, when it comes to foreclosures. It’ll be useful for you to know so that you can better defend yourself if your bank is trying to foreclose on your property inappropriately.
What Banks Cannot Do
Sometimes the bank is required to see if you qualify for a loan modification or some other form of help before they can foreclose on your home. However, they cannot do both options at the same time. Federal mortgage servicing laws in Oklahoma prohibit this practice.
Foreclose on you after you’ve begun to seek help, say that you have applied for a loan modification or another help option. The bank has to let that application go through and if it is approved they cannot start the foreclosure process, and they are not allowed to start the foreclosure process as long as you have applications for help pending. There is a catch, though, you must apply for help at least seven days before the foreclosure sale is scheduled to happen.
The bank cannot kick you off of your property without a court order and filing for eviction, they also cannot padlock your home’s door if you are still living there. They have to go through the proper eviction process.
Should you reinstate the mortgage before the sale, the bank cannot continue the process. You will have to repay the amount you’re behind on, including fees and costs.
What The Bank Can Do
Banks may padlock a home if the home is vacant and you have entirely moved out. Mortgages often have clauses stating the bank has the right to take reasonable action if you abandon a property.
This is dependent on the state that you live in, but the bank can pursue deficiency judgments if they cannot sell the home at auction for what you owed on it.
The bank can also pursue a non-judicial or judicial foreclosure, dependent on where the property is located, and the bank can pursue a court order to shorten the redemption period if the property is vacant and confirmed to be vacant.
While laws vary from state-to-state, many of the above laws stand for most states and if you have any questions, you can reach out to a bank foreclosure lawyer in Oklahoma City, OK for answers. A lawyer in this field is going to know the laws of Oklahoma, and be able to tell you answers with certainty.
Contact the Law Firm of Marty Martin to work alongside a bank foreclosure lawyer in Oklahoma City, OK that cares about you today.