What happens if the mortgage is not paid?

If someone takes out a mortgage and fails to pay it, they may face foreclosure in Oklahoma. Foreclosure is the legal process by which a lender reclaims a home that has not been paid for. The process usually starts with the lender sending a Demand Letter. This letter informs the homeowner that the payments are past due and their rights to the home are in danger. The homeowner is then usually given a certain period of time to catch up with payments. If they are unable to pay the mortgage within the time period, the lender will start the foreclosure process. Once the foreclosure process begins, the lender has the right to take possession of the home. The original owner will no longer have any rights to the property and will be expected to move out. Depending on the situation, the lender may choose to resell the property in an auction or keep it for their own use. Once the sale is complete, the homeowner is still obligated to pay the difference between the sale price and the amount of the loan. Though foreclosure can be a difficult experience, it is important to remember that the lender has the right to take the home if the mortgage is not paid. Homeowners should take the proper steps to avoid the foreclosure process, such as catching up on missed payments as soon as possible. If the situation gets too difficult to manage, it is a good idea to speak with a financial adviser, lawyer, or housing counselor to get the help needed.

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What happens if the mortgage is not paid?

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