Foreclosure Attorney Oklahoma City, OK
Marty Martin law can help you save your house. The best thing that someone can do to build wealth and provide security is to buy a house. This not only helps the homeowner but the government and society at large. Because of all these important factors, the government provides special protections for homes that aren’t provided for other types of property like vehicles. Foreclosure has a lot of negative connotations for a lot of my clients who have faced one, however, foreclosure actually refers to protections or safeguards that a lender has proceed through before they are allowed to take your home.
Foreclosure is founded under state law so what I refer to here is only applicable to those living in Oklahoma. Under Oklahoma law, a lender usually cannot begin a foreclosure process until you become 3 months behind on your mortgage. However, once you get to that point, the lender can refuse any further payments from you by accelerating your loan or to put it another way, to require you to become completely current in one payment or eventually, paying off the entire loan. Even if life events that caused you to get behind on your mortgage payments improve, finding 3 months of payments with penalty and interest can be a daunting task. At this point, a Ch. 13 bankruptcy may be your only hope.
In short, a Ch. 13 bankruptcy allows you to pay back the amount that you are behind on your mortgage (arrearage) over a period of up to 60 months. Even if you haven’t made a house payment for 6 months or even over a year, it can be feasible to save your home here in Oklahoma. Look at it this way…if you have missed a year of payments and your mortgage payment is $900.00, you may only be $12,000.00 in arrears. Under a Ch. 13, you can pay this over a 60-month period so you’d be looking at roughly $230.00 additional per month. More importantly, your mortgage lender has no choice on this. Under a Ch. 13, so long as you can pay back the back payments over 60 months, the lender has to go along with it.
Along with saving your house, a Ch. 13 bankruptcy will also allow you to pay off taxes over 60 months and either pay off unsecured debt over time or even discharge it completely without paying any of it back (depending on income and other factors).
If you are facing losing your most important asset, your house. Please call us to talk out steps that can be taken to keep your house out of foreclosure through a Ch. 13. At Marty Martin Law, we help Oklahomans every day save their house and protect their assets. Our foreclosure attorney Oklahoma City, OK residents trust can help you, call us at (405) 255-2380 or firstname.lastname@example.org.
Managing Foreclosure with a Lawyer
Working with a foreclosure attorney Oklahoma City, OK residents rely on shares that facing foreclosure can be incredibly stressful. The prospect of losing one’s home can be devastating, especially due to financial problems that made it challenging to keep up on your mortgage payments. We know that one of your first questions will be whether the foreclosure process can be stopped so that you can remain in your home. In some cases, Chapter 13 may be a viable way of digging yourself out of the financial challenges you may be facing, while also providing you with the possibility of remaining in your home. There are many reasons to consider a lawyer’s assistance from Marty Martin Law when navigating this complicated and often stressful process. Don’t delay another moment; take control of your situation with the experienced and dedicated assistance that we provide.
Can Foreclosure be Stopped?
When a borrower fails to make their mortgage payments, they may be facing a foreclosure. Foreclosure is a legal process that occurs when the lender attempts to recover the money owed to them when the borrower has defaulted on the loan by seizing the property and then selling it. When facing foreclosure, the property owner may take steps to stop the process. Be aware that it is possible to stop a foreclosure, or at least delay the process. However, to do so, it’s vital to act as quickly as possible with the assistance of our Oklahoma City, OK, foreclosure attorney. Filing for bankruptcy may be the best option for property owners facing foreclosure. While there are two types of bankruptcy chapters to choose from, Chapter 13 and Chapter 7, Chapter 13 may be the best way to keep your property. Once you officially file for bankruptcy, the automatic stay is granted, meaning the bank must stop efforts to collect the debt that is owed and the foreclosure process.
Filing for Chapter 13
Chapter 13, also called the wage earner’s bankruptcy, allows you to restructure debts by coming up with a repayment plan that occurs over three to five years. This allows the borrower to repay mortgage payments and get caught up on their loan, ultimately allowing them to remain in their home. Chapter 13 offers advantages that will enable a person to spread out secured debts over the repayment period and, as a result, may be able to make lower payments. To qualify, a debtor must have secured debts that are less than $1.1 million and unsecured debts that are less than $394,725.
Reasons to Contact an Attorney
When facing foreclosure, you must weigh your options with an experienced professional. You will want to ensure that your interests are kept at the forefront of this complicated process, and an attorney can help you do so. Other reasons to consider a legal professional include:
- They have an understanding of state statutes and local courts
- They may be able to present you with options that you were unaware of
- They can ensure that the proper deadlines are met, and court paperwork is filed
Managing bankruptcy proceedings and the possible foreclosure of property can be a lot to handle. At Marty Martin Law, our attorney can help you manage every challenge thrown your way. We are prepared to help you make tough decisions and get back on track with a plan for moving forward. Please schedule a consultation as soon as possible with our Oklahoma City, Oklahoma foreclosure attorney today.
“Marty Martin has a great work ethic he has helped me through the whole process of my chapter 13 and has given me great advice on all the do and dont do im thankful that he is by my side through the whole thing.”