If you’re facing the possibility of foreclosure in the future, perhaps you are wondering can you get your house in Oklahoma City back after foreclosure. After all, you need a place to live!
Unfortunately, after the court rules in the favor of your lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your house back.
- Property has been sold: If the property was sold at a foreclosure auction, the new owner has the legal right to take possession of the property. In this case, the former homeowner would no longer have any claim to the property.
- Foreclosure was conducted legally: If the foreclosure was conducted legally, there may not be any legal recourse for the former homeowner to get the property back. This can be the case if the homeowner was in default on their mortgage payments, and the lender followed all the necessary legal procedures to foreclose on the property.
- Financial hardship: Even if the former homeowner is able to make an offer to purchase the property back from the foreclosing lender or third-party buyer, they may not have the financial resources to do so. After foreclosure, the property may be sold at a price that is higher than what the former homeowner can afford to pay.
In summary, once a home has been foreclosed on in Oklahoma, it can be difficult or impossible for the former homeowner to get the property back. It is important to work with a qualified attorney or housing counselor to explore all available options for avoiding foreclosure and to understand your legal rights and obligations throughout the foreclosure process.
Instead of wondering can you get your house in Oklahoma City back after foreclosure, here’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them.
If that’s not an option for you at this time then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before the home is foreclosed upon and pay the lender what is owed to them.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s a secret to selling your Oklahoma City area home fast so the bank can’t take it
You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Metro Cash Offer will buy the house from you at a reduced price, and very quickly.