Stop Foreclosure in Oklahoma City
Our Attorneys Can Help Save Your Home
Receiving a foreclosure notice is one of the scariest things that can happen to a homeowner. Defaulting on your mortgage isn't something that happens overnight, but it often feels that way. Typically, debt begins to slowly accumulate and, before you know it, you're receiving warnings in the mail.
At McBride & Associates, P.C. we understand just how stressful this situation can be, and we are here to help. We can discuss your legal options and determine whether filing for bankruptcy is right for you and your family.
How Chapter 13 Bankruptcy Could Save Your Home
One of the most effective ways to stop serious collection attempts is to file for bankruptcy. Several chapters of bankruptcy can reduce or discharge debt, but Chapter 13 can offer a powerful advantage: rescuing your home from foreclosure.
Chapter 13 is a form of debt reorganization. Like all forms of bankruptcy, Chapter 13 triggers an automatic stay, which immediately halts:
- Collection calls and letters
- Foreclosure attempts
- Liens and levies
- Wage garnishment
With the automatic stay, you will temporarily be free from the threat of losing your home, as well as many other constant collection attempts. But your freedom from foreclosure through Chapter 13 is not simply a short-term solution.
This form of bankruptcy allows you to establish a reasonable repayment plan using all disposable income in 3-5 years. The plan could incorporate missed mortgage payments so you can become current with your lender.
Every person’s situation requires a personalized strategy. At McBride & Associates, P.C., we can take the time to understand your current circumstances and future goals to determine whether Chapter 13 is right for you.
How Long Can You Stay in Your Home After Foreclosure?
From the time that you are informed of the foreclosure to the time that your house sells, you are allowed to remain living in it.
A foreclosure can take anywhere from eight weeks to more than a year to finalize, so the amount of time that you have in your home is dependent on your specific situation.
Do You Lose All Equity in Foreclosure?
Simply put, no. You will not lose your equity in foreclosure and you'll be able to take all remaining equity with you when the foreclosure has finalized; however, any mortgage payments missed prior to foreclosure lower your equity amount.
Additionally, fees and expenses that arise during the foreclosure process will likely be paid for by the equity balance, lowering your end take-away amount.
Bankruptcy is not the only way to stop foreclosure.
We may be able to help you:
- Modify your mortgage
- Take advantage of federal emergency programs
- Or expose errors in the foreclosure initiation process
Ultimately, we want you to reassure you that this is not the end of the road. You still have options, and we are here to help you protect what matters most.
Our firm is prepared to help you fight for your home and gain a new financial start. We take foreclosure cases very seriously, and we are committed to treating our clients with the respect they deserve.
Whether you are facing foreclosure because of past mistakes, economic crises, or other unexpected life events, we can provide the compassionate support you need during this challenging time.
Reach out to us today for a free initial consultation.