Behind on Mortgage Payments For Your Tulsa Home?
What should a homeowner in Tulsa or the surrounding areas do if they’ve fallen behind on their mortgage payments?
June 11, 2021
Stop Tulsa Foreclosure. Get Cash & Sell Your House Fast!
You Have Options to Avoid Foreclosure & Alleviate Stress
Can I Sell My House to Stop Foreclosure in Tulsa?
Yes, you can! Blue Firefly Properties can help.
Life is unpredictable these days and stress is at an all time high. Whether you’re experiencing a job loss, unexpected medical bills, or other personal hardships, you’re not alone. Many Tulsans are falling behind on their mortgages and it’s estimated that thousands of Tulsa homes will fall into foreclosure this year.
Do you have a Tulsa area house that’s in foreclosure right now? Many people going through the foreclosure process want to get out from under their burdensome house and wonder if they can sell their house to stop foreclosure in Tulsa. The short answer is, yes you can. The long answer is, it’s a bit more complicated. But you can usually sell your house prior to foreclosure.
The sooner you start, the better. A foreclosure not only damages your credit score for years and years, but you’re still left with overwhelming mortgage debt hanging over you. Unfortunately, most lenders will not consider you for future mortgages if you have a foreclosure on your credit history. So, what can you do if you’re behind on your mortgage payments and need to stop foreclosure in Tulsa?
How Do People Stop Foreclosure in Tulsa?
There are 5 Great Options to Avoid Foreclosure
The most important thing for you to know is there is hope and you have options to stop foreclosure in Tulsa. As long as you have an open mind and you’re willing to talk to someone about your personal hardships. You may be able to turn things around and keep your Tulsa house even if you’re far behind on your payments.
1
Pay your mortgage at a lower payment or pause payments.
2
Enter into a repayment plan through installments or a lump sum.
3
Refinance with a better interest rate or extend the length of your mortgage.
4
A last resort option for you to seek relief from debtors and start fresh.
5
Sell your house for cash to avoid foreclosure and protect your credit.
Enter Into a Forbearance Agreement
Forbearance is a process where your lender significantly reduces your mortgage payments or even pauses your payments for a short period of time. It’s surprising that many homeowners are not aware of forbearance. It’s usually a pretty good option for homeowners facing a short-term disruption in income and need to stop foreclosure in Tulsa.
How do I request a forbearance agreement in Tulsa?
In order to request a forbearance, first visit your lender’s website and check for a list of information you’ll need to start the process. You may even be able to request your forbearance online. Next, have your account number ready along with the information and answers requested on your lender’s website. Then call your lender, explain your situation, and request a forbearance.
If you don’t qualify for forbearance, you can always contact us or request a cash offer online. We’ll make you an offer on your house within a few days and help you stop foreclosure in Tulsa.
Forbearance Tips
For Tulsa homeowners with mortgages covered by the CARES Act, you only need to explain that you have a pandemic-related financial hardship, directly or indirectly related to the pandemic. You have the right to request forbearance for up to 180 days and you can also request an extension for up to another 180 days.
Pros
- It’s an option to possibly avoid foreclosure and stay in your home
- It relieves a lot of stress and gives you time to address a short-term financial hardship
- There is less of a negative impact to your credit than foreclosure or a history of late payments
Cons
- All unpaid payments will continue to accrue during the forbearance period and these must be paid back
- You may have a higher mortgage payments after the forbearance period
- It probably won’t help you if you have a long history of mortgage payment troubles
- This may impact your ability to purchase a home or refinance new mortgages
Repayment Plan Through Installments
Some lenders may allow you to enter into a repayment plan and it’s a great option for Tulsa homeowners who can afford it. A repayment plan will require you to make your regular payment amount plus an additional amount. This repayment plan will continue for as long as it takes you to make up for the late payments.
How do I request a repayment plan on my mortgage?
First, be prepared and have all your financial information ready before contacting your lender. This includes things like mortgage statements, a list of your other monthly debts, and details about your household income.
Next, call your lender and explain your current situation. We know it’s not easy to talk about your personal hardships with a stranger, but your lender will need to understand the reasons why you need a repayment plan.
Your lender will take all of this information into consideration and let you know if you qualify for a repayment plan. If you qualify, your lender will have you sign an agreement that will outline the length of your repayment period along with terms, details, and your obligations. If you don’t qualify, Blue Firefly Properties can help. You can contact us or request a cash offer online at any time.
Repayment Plan Tips
Check your lender’s website for a Repayment Plan Calculator. You can use this tool to get an estimate of your new monthly mortgage payments before requesting a repayment plan.
Pros
- It’s a great option for homeowners who have fixed a temporary disruption in income
- If you pay back all your mortgage payments in a lump sum, your lender will make your account current and reinstate your loan
Cons
- You’ll be required to make larger mortgage payments each month
- The extra fees will add up over time
Loan Modifications & Refinancing
If you feel like keeping up with your Tulsa mortgage payments is going to be an ongoing or long term problem, it may be better to seek out a loan modification or refinancing option.
With a loan modification, your lender will agree to modify the terms of your mortgage. You’ll either be given a better interest rate or the length of your mortgage will be extended in order to lower your overall monthly payment.
If your lender isn’t willing to adjust your mortgage terms, refinancing your Tulsa home may be a suitable alternative. When you refinance, you take out a brand new loan with a monthly payment that works better for you. You can then use the proceeds to pay off your existing mortgage.
How do I request a loan modification or refinancing?
It may be tough, but be prepared to discuss your financial hardships in detail with your lender. You’ll have to document your hardship as part of a formal application process. Take the time to gather all the relevant documents before calling your lender.
Your lender will likely require you to apply for the modification in writing, and to submit proof of income and expenses before and after the onset of your hardship. That could include tax returns, pay stubs, monthly bills and statements, plus information on your savings and any assets you may have.
If approved, your lender will start the process and get the ball rolling on your load modification or refinance. Not approved? Not a problem. At Blue Firefly Properties, we are problem solvers and we help distressed property owners in Tulsa. Get the process started by requesting a free cash offer.
Loan Modifications & Refinancing Tips
If your mortgage is backed by a federal agency or program, you may qualify for a government mortgage modification plan. Do your research before contacting your lender.
Pros
- You can stop foreclosure in Tulsa and remain in your home
- It's a great option to resolve your delinquent payment status
- You may be able to reduce your monthly payments so they are more affordable
- Less stress and less damage to your credit than a foreclosure
Cons
- You may end up paying much more in the long term due to an extension of your terms
- The total amount you would owe in a loan modification may be a lot more than your house is actually worth
- There are processing and legal fees associated with a loan modification
- If you miss a payment, your lender may put you right back into foreclosure
Bankruptcy
Okay, this is typically a last resort option and we know bankruptcy is a scary word, but keep reading. Bankruptcy is a legal process imposed by a court order through which people in financial trouble can seek relief from the debtors. Both bankruptcy and foreclosure are extremely damaging to your credit, but bankruptcy enables you to start fresh. You’ll be debt free and immediately begin rebuilding your good credit.
How do I file for bankruptcy in Tulsa?
It’s highly recommended that you seek the advice of a qualified attorney before filing for bankruptcy. Individuals can file bankruptcy on their own without the help of an attorney. This process is known as filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long term financial and legal outcomes.
Bankruptcy Tips
Make sure you are eligible for Chapter 7 Bankruptcy by taking and passing the means test. Check out Means Testing provided by the United States Department of Justice.
Pros
- Start with a clean slate, avoid foreclosure, and begin rebuilding good credit
- Immediate financial and stress relief
- You’ll probably be able to keep most of your assets, also known as exempt property
Cons
- You can’t file for bankruptcy if you make too much money
- It will not not erase all unsecured debts, like alimony or child support
- You will lose certain types of property and possibly your home
- Filing for bankruptcy can be expensive
Sell Your House to Blue Firefly Properties
Is there a last minute strategy to stop a foreclosure? Yes, there is! Selling your house for cash will help you avoid foreclosure and protect your credit. This is often a much better option since it will give you a better chance of retaining some of the equity you may have built in your home. Blue Firefly Properties can pay you cash for your home fast. We may be able to you pay off your mortgage and walk away with cash in your pocket.
How do I sell my Tulsa house to Blue Firefly Properties?
Our goal is to make this process as quick, easy, and stress free as possible. First, request a free cash offer from Blue Firefly Properties. Our team will review your request and follow up. We’ll make sure we can help you avoid foreclosure and that your property aligns with our buying criteria. If our goals align and we can help, we’ll present you with a fair, written, no obligation cash offer for your property.
Contact us before deciding on any option to avoid foreclosure. We’ll review your situation and recommend the best solution even if that means we don’t buy your home.
Pros
- Stop foreclosure in Tulsa and alleviate stress
- Sell your home as-is, no repairs or home staging required
- The process is quick and easy. You’ll have cash for your home in days or weeks.
Cons
- Because we fastrack the process, you will miss out on competing bidders
- You’re paying for convenience and should expect to sell for a discount
Get Started Today! Stop Foreclosure in Tulsa.
Stop Foreclosure in Tulsa
Get your cash offer from Blue Firefly in just a few days
Avoid Bankruptcy
Avoid causing long term damage to your credit
Alleviate the Stress
Get out from under your burdensome house
Start Fresh!
Fast cash in your hands and no more mortgage troubles
