How do I avoid foreclosure proceedings?

Foreclosure proceedings can be avoided in Oklahoma by taking prompt action as soon as any problems related to making mortgage payments arise. The first step in avoiding foreclosure is to contact your mortgage servicer to explain the situation and discuss options. Mortgage servicers may be able to provide a more affordable payment plan or temporary forbearance. Borrowers should also seek assistance through organizations like the Homeowner’s HOPE Hotline, HUD-approved housing counseling agencies, and other local programs. Borrowers could also refinance their mortgage loan to reduce payments or pursue a loan modification to permanently reduce payments. To remain in their home, borrowers may have to consider a deed in lieu of foreclosure, which allows them to voluntarily transfer ownership of the property to the lender in exchange for release from all outstanding mortgage debt. By doing this, borrowers still face the risk of having a foreclosure on their record, but they can avoid a lengthy and costly legal process. In addition, to try to prevent foreclosures, Oklahoma’s Hardest Hit Fund provides assistance to eligible borrowers to help them make their mortgage payments. This program includes a one-time mortgage payment assistance for those who qualify and is funded by the U.S. Department of the Treasury. The best way to avoid foreclosure proceedings is to stay informed about your situation and act quickly. Making use of available resources and financial assistance can help borrowers stay in their home.

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How do I avoid foreclosure proceedings?

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