While the housing market is rebounding, many people in Oklahoma are still falling behind on their mortgage payments and seeing their houses go into foreclosure.
If you’re underwater on your house (owe more than it is worth), or are just having a little trouble keeping up with your monthly mortgage payments, you are probably aware that foreclosure is a real threat. No one wants to lose their house and have the banks take it back.
Thankfully, there are many options that you can choose to avoid foreclosure in Oklahoma. The most important thing to remember is to move quickly. Make a choice and go with it. If you delay or wait around, no one wins.
So lets get into a couple easy tips on how to avoid foreclosure in Oklahoma with your home.
The Keys of How To Avoid Foreclosure in Oklahoma
Many people simply give up, stop paying their mortgage, and walk away from their home. It seems like a logical choice if you know the bank is trying to take your home back. You have options other than walking away with nothing but a severely damaged credit and no house/money.
Foreclosure can be stressful situation, but it’s very important to keep calm and figure out ALL your options. A foreclosure will have a very large negative impact on your credit score, and probably prevent you from buying a home for many years after. Also, if the bank takes the house back and sells it at auction but doesn’t cover the entire mortgage balance, you might be liable for the remainder if the bank comes after you for it.
While it’s pretty dang stressful, you do have options to avoid foreclosure in Oklahoma:
• Negotiate with your mortgage lender. Banks don’t want to foreclose on homes. It costs them time and money. If you feel like you might be falling behind, try to talk with your bank BEFORE you miss payments. They might give you a loan modification which will reduce your monthly payments to avoid foreclosure. If you are already behind on payments, you should still call them and see what programs they have available. It is in everyone’s best interest if you keep the house and avoid foreclosure.
• Ask for help from the government. Over the last few years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments with government assistance. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments to refinance an adjustable rate mortgage into a lower-interest, fixed rate loan. Both of these programs are subject to eligibility requirements of course but it is an option.
We understand that the possibility of losing your home can be stressful. You aren’t alone there. Folks all over Oklahoma are have gone through or are going through the same troubles. Foreclosure can have a long-lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We might be able to help you avoid foreclosure in Oklahoma as well… call or text us today at 405-673-4901 and lets discuss your situation. If selling your house as-is is an option for you, we can buy it outright from you OR even take over your payments to help you avoid foreclosure in Oklahoma. Call today!