Sell my home in foreclosure Oklahoma?
Selling A House In Foreclosure Oklahoma!
Yes, you can sell a house in foreclosure in Oklahoma. However, you must have a signed offer on your property before the auction date. Get started by requesting a free CASH offer using the form below!
Facing foreclosure of a property is incredibly stressful, especially if you're dealing with financial hardship from job loss, divorce, medical bills, or the death of a loved one. Although it may seem like there's nothing you can do, you actually have the option to sell your house in foreclosure before it goes to auction.
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Selling A Home During Foreclosure in Oklahoma
Selling an Oklahoma house during the foreclosure process is possible, but it's essential to inform the lender and the bank. In most states, the bank cannot foreclose on a property if there is a legitimate offer. The homeowner must prove that a cash offer exists and arrange for closing as soon as possible.
There are many benefits to selling your property in foreclosure rather than letting the bank sell it at auction. If you want to learn more about this and other tips, stick with us until the end of this guide!
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What Is A Foreclosure in Oklahoma?
Foreclosure means the mortgage company has legally obtained ownership of your Oklahoma house, essentially repossessing it due to non-payment of your mortgage. This violation of the loan leads to several consequences:
1. Home Eviction: The most challenging impact of foreclosure is losing your home, which means starting from scratch and losing any established equity.
2. Credit Score Damage: Losing your property to foreclosure can severely damage your credit score, making it difficult to secure a new house, credit, or even a job.
3. Deficiency Balance: If the foreclosure proceeds don’t cover the entire mortgage, you could face a deficiency balance. The lender may sue to collect this remaining amount.
The Timeline Of The Foreclosure Process in Oklahoma
To understand how to sell a house during the Oklahoma foreclosure process, it's essential to know the foreclosure timeline. Generally, this process has six phases, according to Forbes.
Phase 1: First Missed Payment When a homeowner misses a payment, the lender may give a grace period of 15 days. If the homeowner fails to pay during this period, an additional late fee is applied. Rigid lenders might also report the delay to credit bureaus.
Phase 2: Default Missing multiple mortgage payments puts a homeowner in default, typically after 30 days of non-payment. The next steps depend on whether the foreclosure process is judicial or non-judicial. Judicial foreclosure occurs in the state’s court system due to the absence of a “power of sale” clause in the mortgage agreement. Non-judicial foreclosure allows the lender to foreclose without a court order.
Phase 3: Notice of Default or Foreclosure Lawsuit In non-judicial foreclosure, the homeowner receives a Notice of Default (NOD), outlining the amount owed, including mortgage, late fees, and foreclosure fees. The homeowner has 90 days to repay. If unable to pay, they can request a new repayment agreement. In judicial foreclosure, the lender files a foreclosure lawsuit. The homeowner must respond promptly to avoid a default judgment. The case then goes to trial, and the homeowner can seek legal advice.
Phase 4: Pre-Foreclosure The period between the issuance of a Notice of Default and the foreclosure auction is called pre-foreclosure. During this time, the homeowner can pay what is owed or negotiate with the lender for a possible relief plan or special payment arrangement to avoid foreclosure. If the homeowner doesn’t have enough money to pay or the lender does not approve a new repayment agreement, selling the property is a highly recommended alternative.
Phase 5: Notice of Sale If the homeowner fails to pay what is owed during the pre-foreclosure process, the lender will publish a Notice of Sale in the local paper. The time from the Notice of Sale to the actual foreclosure auction can span from two to three months, but it is often shorter. The homeowner can still sell the property during this period, but time is of the essence to avoid foreclosure.
Phase 6: Eviction from Home Once the house has been foreclosed, the homeowner will be issued an order to vacate the property. Typically, all occupants are given only a few days to leave. If they refuse, the local Oklahoma authority or sheriff will enforce the eviction and may impound their belongings if they do not comply.
CAN YOU SELL A HOME IN FORECLOSURE IN OKLAHOMA?
HOW MUCH TIME DO YOU HAVE BEFORE FORECLOSURE IN OKLAHOMA?
It's hard to pinpoint the exact time you have before losing your Oklahoma property to foreclosure because it depends on several factors like your loan servicer, the type of foreclosure process (judicial or non-judicial), and the state’s specific rules. However, in most cases, the foreclosure process takes six months to a year. If you can market and sell your home before the auction, you have a higher chance of receiving a great offer.
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How Long Does It Take To Sell A Home in foreclosure In Oklahoma?
How long does it take to sell a home in foreclosure in Oklahoma? The timeline is similar to selling a typical property. If the real estate market is hot, homeowners can sell their property in a few months or less. However, remember that several factors can affect the timeline, not just the real estate market. The state of your property, the neighborhood, and the skills of the real estate agent helping you can significantly impact the sale. Here’s what to expect from the process with an agent: determine your home’s fair market value, set a price, market the house, negotiate an offer, and close the deal. The difference when selling a house in foreclosure is that you must notify your lender that you are selling it and have an offer. You need to prove this to show your lender you are not just delaying foreclosure.
What Are The Process Of Selling A Home In Foreclosure In Oklahoma!
Now that it's clear you can avoid foreclosure by selling your house, focus your time and energy on the actual sale. The process is similar to selling a typical Oklahoma property, so if you’ve sold a house before, this will be easier for you. Here’s what you need to know about selling a property before it is foreclosed:
1. Find Out How Much the Home is Worth To determine your property's value, the best step is to have it appraised. If time is a constraint, use online tools or enlist the help of a real estate agent experienced in the financial aspects of home selling.
2. Set an Asking Price Based on the appraised market value, set an asking price. This isn't as simple as pricing a typical home. Ensure the price covers your unpaid mortgage payments, interest, late fees, and the costs associated with selling, such as repairs, staging, agent commissions, and closing fees. It's better to set a fair asking price and potentially sell at a loss than to go too high and not sell at all.
3. Notify the Mortgage Lender Even though it's difficult, you must notify your lender that you’re planning to sell the property and are already in the process of finding a buyer. Lenders often support homeowners during property sales because it's less work for them than going through a foreclosure auction. Some states, like California, have laws preventing banks from foreclosing if there’s a legitimate offer, giving homeowners an additional 30 days to sell. Check the foreclosure laws in your state. By following these steps, you can effectively navigate the process of selling your home before foreclosure.
4. Find a Real Estate Agent or Sell it by Yourself* After notifying your lender, seek the help of a qualified real estate agent or find a buyer yourself. Given the time pressure, it’s recommended to work with a real estate agent or a cash home buyer to expedite the sale.
5. Get an Offer and Negotiate When your property is facing foreclosure, there isn’t much wiggle room for negotiating. You’re on a tight timeline and facing an auction where you might make nothing. Don’t wait to reach out to companies that buy houses for cash. Get multiple cash offers from reliable home buyers and compare not just the price but also the services included, such as closing costs covered, as-is sale, and no fees.
6. Let the Lender Know That You Have a Buyer Once you’ve secured a cash offer, inform your lender immediately to avoid foreclosure. As mentioned, the foreclosure process will not proceed if the home has a legitimate offer. Lenders are usually willing to let you sell your house if the sale will cover the mortgage payments and late fees. The bank just wants to recover their money and avoid the hassle of an auction, so a cash offer is beneficial for everyone.
7. Close the Property Deal After notifying your lender, close the deal with the buyer, declare to the bank that the home is sold, and pay what you owe the lender. If you receive a high cash offer, you may walk away with extra cash to start over. This is more likely when you start looking for offers sooner rather than later. By following these steps, you can successfully sell your home before foreclosure and avoid the negative consequences associated with it.
Some Challenges When Selling A Home In Foreclosure In Oklahoma
Selling an Oklahoma house in foreclosure can be easy for some and challenging for others due to several factors. It's crucial to understand the potential challenges you might face so you can address them efficiently.
Sales Challenges with Foreclosure in Oklahoma
The Owner is No Longer Living If you're inheriting a property that is being foreclosed on, this situation can be complex depending on the probate process in your state. You may need to consult multiple attorneys who can assist with legal matters related to both foreclosure and probate.
The Home is Tied to Litigation Another issue you might encounter is if the house in foreclosure is tied to litigation, such as bankruptcy. The timeline for legal processes like bankruptcy can be unpredictable, delaying the sale. This will also apply if the property is used as a lien.
The Owner is Selling Alone Unless you are a real estate agent, avoid trying to sell your property For Sale by Owner. There are many steps your property needs to go through before it is sold, and handling it alone under the pressure of possible eviction can be overwhelming. If you want to sell the property fast, avoid repairs, and not worry about closing costs, consider working with a real estate investor who offers cash for houses.
5 Remedies Other Than Selling A Home In Foreclosure In Oklahoma
If you’re facing hardship but don’t prefer selling your Oklahoma home in foreclosure, you have several options like a short sale, loan modification, or refinancing. Often, selling is the last resort for homeowners when all other options aren’t possible, except for a short sale.
- Paying Missed Payments You can get out of default by paying what’s due, including interest, late fees, and penalties aside from the missed mortgage payments. If you can find a way to get the money despite financial hardship or bankruptcy, you’ll save yourself from all the hassle.
- Loan Modification Before considering selling your house to avoid foreclosure, talk to your lender about a possible loan modification. The lender may extend the term of your existing loan, lower the interest rate, defer parts of your payments, or offer other options to help you repay the loan. Submit the loan modification form at least 45 days before the foreclosure auction date to delay eviction.
- Refinancing Before Foreclosure If your lender agrees, they could replace your current mortgage with a new loan to prevent you from losing your property. Refinancing must occur before foreclosure and can result in a lower interest rate, longer term, and possibly allow you to cash out any equity.
- Get a Deed in Lieu of Foreclosure A Deed in Lieu of Foreclosure turns over ownership of your property to your lender, absolving you of your debt and saving your credit score since your property won’t be foreclosed. However, you would still lose your property despite not having to make any payments.
- Short Sale A short sale involves selling your home for less than what you owe your creditor or lender. This option is allowed when your lender agrees to accept less than the outstanding mortgage balance. Although an Oklahoma short sale would still impact your credit history, it helps you avoid foreclosure, which has a more significant impact. If you want to learn more about this, contact an attorney who specializes in the short sale process.
Other Related Oklahoma Foreclosure Questions
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