There are several ways that declaring bankruptcy can help you save your home from foreclosure, but one is critically important: Bankruptcy creates an "automatic stay," which automatically stops foreclosure proceedings when a bankruptcy petition is filed in Oklahoma courts. The foreclosure is then handled within the scope of the bankruptcy proceedings — helping you to stay in your home and giving you more control over making payments that you can afford.
At Affiliated Legal Services, Inc., we help our clients stay in their homes by filing Chapter 13 bankruptcy in the Western District of Oklahoma. Since 1993, we have been helping people throughout Oklahoma City and the surrounding areas in bankruptcy and foreclosure matters. We have in-depth knowledge of the law on foreclosure.
The Foreclosure Process in Oklahoma County
Oklahoma is a judicial foreclosure state, which means that is necessary for banks to go to court before foreclosing on your home. The entire process takes between three months and a year. Broadly speaking, the process follows a series of steps:
- The foreclosure process begins when a homeowner lapses in making payments, and notice of intent to foreclose is served on the homeowner.
- The homeowner has 35 days to get caught up on the mortgage (or "cure the default"). If the homeowner pays, the foreclosure can generally be stopped. Ignoring a notice of foreclosure could mean losing your home more quickly, so it is important to get legal help if you know you're in trouble.
- The home is then appraised and sold at a public foreclosure auction, where it is sold to the highest bidder at the time and on the date specified in the foreclosure notice. The home is usually bought back by the mortgage company for a small amount of money compared to the overall value of the house.
- Many people believe that there is nothing to be done to save their homes from foreclosure after the foreclosure sale, but this is simply not true. Homeowners have a redemption period, in which they can get caught up on the entire mortgage and reclaim their homes. If they do not get caught up by the end of the redemption period, they must vacate the property.
Contact an Oklahoma City Foreclosure Lawyer
It is important to talk with an experienced attorney as soon as possible during the foreclosure process so that you can file for Chapter 13 bankruptcy and save your home from foreclosure. Do not wait to lose your home.
Take control of your finances and move forward toward a fresh start. Call Affiliated Legal Services, Inc., at 405-543-2756 or contact us online for a free and confidential initial consultation regarding bankruptcy law. Evening and weekend hours are available by request.
