What happens if I don't make my mortgage payments?

If you do not make your mortgage payments in Oklahoma, you may face the possibility of foreclosure. Foreclosure is a legal process that allows a lender to take possession of your home if you fail to make your mortgage payments. In Oklahoma, if you are behind on your mortgage payments, the lender has the right to start the foreclosure process. The lender will typically begin the process by sending you a Notice of Default, which is a letter stating that you are in arrears on your loan payments. This letter will outline the amount of money you owe and also when the lender must receive payment in order to avoid foreclosure. The next step in the process is the lender filing a Notice of Foreclosure with the county clerk’s office. At this point, the lender has the right to take possession of your home and sell it to recoup its losses. You do have the right to contest the foreclosure in court, however, this process can be costly and time consuming. In addition to potential foreclosure, you may also face fees or other penalties for not paying your mortgage. Additionally, it can affect your credit score and prevent you from obtaining new credit in the future. It is important to note that foreclosure is a legal process and is only enforced when the borrower fails to make payments as outlined in the mortgage agreement. If you find yourself struggling to make payments, it is best to contact your lender and discuss your options.

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What happens if I don't make my mortgage payments?

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