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.