Dealing with a foreclosure can be extremely stressful and you’re bound to have plenty of questions and concerns which is why you should enlist the help of a foreclosure lawyer in Atlus, OK. Whether you’re wanting to fight the foreclosure, modify your loan options, or simply want to know what steps you need to take to handle the foreclosure, having a lawyer by your side is always a recommended option. If you or a loved one is facing foreclosure then you should contact Marty D. Martin Bankruptcy Law.
What to Know About the Foreclosure Process
Foreclosure refers to a legal process dealing with mortgages on properties such as homes or businesses. In this process, a lender will attempt to obtain a loan’s balance from a borrower who has either stopped making payments to the lender or who has not been making the necessary payments. Using legal pressure, the lender usually forces the sale of the asset(s) known as collateral to repay the loan. Typically, there are two common procedures when it comes to foreclosure: judicial and nonjudicial.
- Judicial: Using the judicial method there will be a sale of a mortgaged property as directed by the court. To begin the process the lender will file a lawsuit against the borrower. If the court rules in the lender’s favor then the first payments the borrower makes are to satisfy the outstanding mortgage. Follow-up payments will then go to other lien holders, and finally if any funds are left, to the mortgagor/borrower.
- Nonjudicial: Using the nonjudicial foreclosure method (also known as a power of sale), the actual property will be sold instead of the borrower paying for the mortgage. Usually, there is a clause included in the mortgage or deed of trust that refers to this process. This process is usually faster and more cost-effective than the judicial process.
How a Foreclosure Lawyer Can Help
If you’re faced with a judicial or nonjudicial foreclosure, you’ll want to enlist the service of a foreclosure lawyer in Enid, OK. The services our team offers include:
- Providing Legal Defense: There are instances where you can’t fight or delay a foreclosure. The main defenses you have at your disposal include whether or not the servicer followed strict foreclosure procedures, they’re unable to prove they own your loan, or a serious error was made in your account by the servicer. Every case is unique and different and thus requires extra care and attention. Even in the case where it’s clear that you’re not at fault, you’ll still want a legal team by your side.
- Adjusting Your Loan or Other Mitigation Options: You may be able to adjust your loan so that you’re able to make payments that are more realistic with your current financial situation. Doing so can ensure that you continue living on your property.
Contact Us Today
Foreclosures can be a scary situation and can take a huge toll on your mental health. In addition to the fear of losing your home or property, foreclosures can be a lengthy process and whether you want to dismiss or delay the foreclosure or adjust your loan options, you should contact Marty D. Martin Bankruptcy Law to find a foreclosure lawyer in Atlus, OK