Out Tulsa Foreclosure Attorneys can help you get a fresh start. When you file a chapter 7 bankruptcy, you can keep your home as long as you are current on your mortgage payment. People who lose their home during a chapter 7 are usually underwater and seek to have the mortgage debt discharged. Our Tulsa foreclosure attorneys help you navigate the process. Perhaps even helping you save your home.

Upon filing chapter 7  an automatic stay is enacted. This is done to prevent any of your creditors from continuing collection activity. Further, this includes any mortgage arrears you may owe. A chapter 7 bankruptcy will delay the foreclosure process, but only for a short period of time. During this time, a mortgage lender can file a motion with the bankruptcy court requesting for the automatic stay to lift.  If this is successful the foreclosure can continue.

Note, the foreclosure process is separate from the bankruptcy process. As mentioned above, you may be able to save your home from being sold when you file a chapter 7 bankruptcy. However, this does not protect you from the foreclosure process which occurs outside the bankruptcy court. Chapter 7 bankruptcy will not save your home from the foreclosure process. It will though provide you with more time to pay any mortgage arrears owed.

Tulsa Foreclosure Attorneys:

Unlike a chapter 7 bankruptcy, filing a chapter 13 bankruptcy may help you save your home. So, if you are current on your mortgage payment, you can keep your home. If you are behind on your mortgage payment  you may be able to keep it. To keep it you have to repay the past due payments. This occurs in the Chapter 13 payment plan. The plan will allow you to pay on your mortgage arrears over a designated period of time (this usually last 3-5 years). You must however continue to make timely mortgage payments from the date your chapter 13 petition files.

Foreclosure Types in Oklahoma:

In Oklahoma, there are two types of foreclosures a lender may implement: 1) Non-judicial Foreclosure or, 2) A Judicial Foreclosure.  Most lenders commonly use Non-judicial foreclosures.

The judicial foreclosure process involves filing a lawsuit to obtain a court order to initiate the foreclosure process. It is used when there is no power of sale clause present in the mortgage or deed of trust.

A non-judicial foreclosure can occur if there is a power-of-sale clause in the deed of trust that secures the mortgage loan by giving the trustee the authority to sell the home to pay off the loan balance at the request of the lender if the borrower defaults (fails to make payments).

Are you behind on paying your mortgage? Are you currently facing the possibility of filing for bankruptcy? South Tulsa Bankruptcy Lawyers can help you keep your home and discharge your debts. If you are an Oklahoma resident underwater in your home, contact our Bankruptcy law office to speak with a foreclosure attorney about the possible debt relief options you may utilize to get out of debt and keep your home.

Most of our clients file chapter 7 or chapter 13 bankruptcy when faced with foreclosure. We can review your current financial situation and provide you with sound legal advice regarding your debt relief options. Call (918) 739-8984 to speak with a foreclosure attorney today.

Contact Our Foreclosure Attorneys:

For more information on how to save your home from foreclosure contact our law office. Call (918) 739-8984 to speak with a foreclosure attorney today.