Do you have financial difficulties? Do not know what to do? You panic and do not find any solution? You have such kind of feeling when you just realize that you do not have money and do reactive a letter that a foreclosure procedure is coming soon. Everybody can go thru such kind of situation but the idea is to get a solution not to lose everything even your clear conscious. You do not have to feel lost in this situation because even in Oklahoma there are several organization and lawyers who can help you and give advices.
In Oklahoma there are two types of foreclosure activity: judicial and non-judicial. They use non-judicial foreclosure when the intention of sale is in progress or there are several clients who are interested in the property. The borrower is authorized to sell his property and pay back the depth. At judicial foreclosure the whole procedure is presented to the court that makes the decisions and several agreements with the borrower and the lender. Several extra period of time is also determined by the court. His job is to protect the borrower and give him opportunities to solve the situation.
At the judicial foreclosure the borrower gives the right to the mortgage company to value his property and also to announce the city or the interested clients about the sale. These are actions which are taken only in the last minute when nothing else can be done to save the property. During the whole period everybody gives the opportunity to the owner to pay his depth and get into a stable financial situation. The borrower is announced 90 day before the foreclosure procedure can be started.
This is the period when at the first time as soon as possible he has to contact the lender. Answer to his note and meet him. They can help; they can make several changes in the loan system and give you opportunity in the difficult situation. The problem is when the owner is not willing to do anything and just argue with everybody. If he cannot do anything at all he also has the right for redemption. This is given by the court after a period of time. Of course if he has arranged his financial situation and pay back the entire loan and several fees too.
As you can see you have several possibilities to stop the foreclosure. Act in time.