Being in the process of a foreclosure can be a scary and stressful ordeal which is why it’s recommended to consult the services of a foreclosure lawyer Enid, Oklahoma residents can trust. A foreclosure lawyer can help you review all your possible options and can help you determine if you have a solid case for fighting foreclosure. Even if foreclosure appears to be inevitable, your lawyer will still be able to help you through the process and answer any questions or concerns you may have. To receive the best service possible you should contact Marty D. Martin Bankruptcy Law.
What Is the Foreclosure Process?
Foreclosure is a legal process where a lender attempts to recover a loan’s total balance from a borrower who has stopped making payments to the lender. The lender will then force the sale of the asset(s) as collateral for the loan. Typically foreclosure refers to properties such as a home or business. There are two main types of foreclosure: judicial and nonjudicial.
- Judicial: Judicial pertains to the sale of a mortgaged property under the supervision of a court. This process is initiated by the lender filing a lawsuit against the borrower. Initial payments from the borrower are sent to satisfy the mortgage, other lien holders, and lastly the mortgagor/borrower if any funds are left. This process is available in every state and in some states, such as Florida, judicial foreclosure is a requirement.
- Nonjudicial: Nonjudicial foreclosure refers to a power of sale clause included in the mortgage or deed of trust instead of a mortgage. This process involves selling the actual property and is typically cheaper and faster than the judicial process.
How a Foreclosure Lawyer Can Help
When facing either a judicial or nonjudicial foreclosure, enlisting the help of a foreclosure lawyer in Enid, OK is highly recommended. Some of the services our legal team offer include:
- Providing Legal Defense: You may have a case that can challenge a foreclosure or at least delay the process. Some common defenses may include if the servicer didn’t follow proper foreclosure procedures, they can’t prove they own your loan, or the servicer made a serious error with your account. Since every case is different and requires attention to detail, even if you believe you have a strong and clear case, you’ll want a legal team that can fight for you.
- Loan Modifications or Other Mitigation Options: It’s also possible to modify your loan or explore other mitigation options which can lower the overall cost of your mortgage/loan and allow your home or property to not be foreclosed.
- General Consulting: Whether you’re facing foreclosure and decided you don’t have any defenses or don’t want to modify your loan or have accepted a mortgage and want to be prepared for the future, you can enlist the services of our legal team who can answer any questions or concerns you may have.
Contact Us Today
Facing a foreclosure can be a stressful ordeal. Whether you’re wanting to fight the foreclosure, modify your loan options, or simply want to know what you need to do to handle the process, then you should contact Marty D. Martin Bankruptcy Law to find a foreclosure lawyer in Enid, OK.