Anytime you learn that a bank or other lender is threatening foreclosure, you need to act quickly to protect yourself and your family. The simple fact is that missing even a single mortgage payment can justify a lender’s attempt to seize the real property. With that in mind, a skilled real estate attorney could provide various legal options to help you remain in your home or surrender the property with minimal long-term damage to your finances.

An Altus foreclosure defense lawyer may be able to analyze your current situation and determine which options work best for you. These could include filing for bankruptcy, if your circumstances allow for it, or entering into negotiations with banks to renegotiate a loan that results in more manageable monthly payments.

Avoiding Foreclosure While Surrendering the Right to Property

For many people, receiving a notice of foreclosure is not a surprise. They realize that they have fallen behind on their payments and the value of the property may be underwater. In these situations, it may be a viable option to consider surrendering the property, and avoiding the stress and costs that can accompany a formal foreclosure case. Making arrangements with a mortgage company to initiate a surrender is one way in which an Altus foreclosure attorney may be able to help.

In addition, a lawyer could also help you renegotiate a loan in a way that allows you to remain in the house. In fact, mortgage companies are often eager to enter into these agreements to continue receiving payments and avoid the complications that often arise during formal foreclosure cases.

Defending Against Improper or Illegal Foreclosure Actions

While even a single missed payment can justify a lender taking legal action to seize a home, a combination of local and federal laws determines how and when a bank can go about this process.

12 Code of Federal Regulations § 1024.41(f) states that a bank or other lender must wait at least 120 days after a first missed payment to start a foreclosure case. Even before this case can go to court, the lender must also contact the borrower to discuss foreclosure alternatives. In addition, Oklahoma Statutes Citationized § 46-3-44 says that a lender must inform a homeowner of an intent to foreclose by sending a certified letter to the borrower’s last known address. This letter must tell the borrower that they have 35 days to cure their failure to pay before a foreclosure can begin.

Apparent failures on the part of lenders to follow these rules can justify a motion to dismiss a current judicial foreclosure. An Altus foreclosure defense lawyer could evaluate the steps that lenders have taken up to the current date to determine if they meet all relevant state and federal requirements. If not, an attorney could file motions to dismiss in local courthouses. If it appears that a mortgage company has followed the required legal steps, a lawyer could still help homeowners by representing them in the foreclosure.

Speak with an Altus Foreclosure Defense Attorney to Evaluate Your Options

All attempts to foreclose on your property are serious matters. Banks and other lenders may move to seize real estate after a single missed payment, and a failure to make back payments could result in the loss of property. Even with this in mind, these lenders must follow strict legal procedures, and their failures to do so could bring an end to their attempts to seize land. A lawyer in Southwest Oklahoma could help evaluate their past actions and make appropriate responses.

For others, it may be possible to negotiate an alternative to formal foreclosure. Lenders are often open to forming new mortgage agreements that result in lower monthly payments and excuse all past failures to pay. In other cases, it may be advisable to arrange for a surrender of the property in exchange for the forgiveness of all current debt. An Altus foreclosure defense attorney is prepared to evaluate your current situation and work towards the best possible outcome. Reach out to us now to get started.