• Open the lines of communication.  Call the mortgage company and be honest about your current situation.  Above all else keep your emotions in check.  Remember you need the cooperation of the mortgage company. 
• Consult an attorney.
• Work toward a plan to repay your debt.  The lender typically would rather work with you than go to foreclosure depending on how many payments you have missed.
• Consider re-financing with another lender.
• Never make mortgage payments to anyone other than the lender.
• Beware of questionable counseling companies who advertise that for a minimal fee they will assist homeowners to defend the foreclosure in court or negotiate lender assistance.  Always use a HUD approved counseling organization or 888-995-HOPE.

 Return to For Sellers

Do you need to sell the Oklahoma property?  It can be better to sell than go through the foreclosure process because it will be easier to qualify for credit in the future and buy another home.

• Call your lender and request your payoff information.  You can get this by simply calling the 800 number on your statement.  You will likely be asked to furnish your account number (on the statement) and your social security number.  If you have a second mortgage on the property or a line of credit where the house was used as collateral they must be contacted also.
• Get detailed information on all deadlines you are facing.
• Call a Realtor and request a comparative market analysis on the property.
• If the total payoffs is greater than the estimated market value you will need to request a short sale or face possible foreclosure.
• Consult an attorney.
• IRS Q&A on foreclosure and debt cancellation.

 

• Hardship Letter
• Bank Statements
• Tax Returns
• Payoff Statements
• Broker's Price Opinion
• Copy of Listing agreement
• Copy of Sales Contract
• Net Sheets