Sell your house before foreclosure in Tulsa, while you still have options

First, breathe. A foreclosure notice isn't the end of the road.

Job loss. Medical bills. A divorce. A rate that adjusted the wrong direction. Falling behind on a mortgage happens to good, hardworking people every day, and if there's a stack of envelopes from your lender on the counter that you've been avoiding eye contact with, you're not the first.

Our job isn't to scare you or rush you. It's to listen, explain where you actually stand in plain English, and help you pick the option that's best for you. Sometimes that's selling to us. Sometimes it's a phone call to your lender, and we'll tell you so. We help people, not just houses.

How foreclosure works in Oklahoma (the short version)

Most Oklahoma home foreclosures go through the courts. Here's the usual order of events, so you know where you are and how much road is left:

• 1. Missed payments and letters. Your lender sends late notices and, eventually, a notice of default. Federal rules generally keep a lender from filing for foreclosure until you're more than 120 days behind. This is the best time to make calls, to your lender, a housing counselor, or us.
• 2. The lawsuit. The lender files a foreclosure petition in the district court for the county where the house sits. For most of our neighbors, that's Tulsa County District Court.
• 3. You're served. You'll typically have about 20 days to file an answer. Don't ignore it. Even if you plan to sell, talk to an attorney about responding.
• 4. Judgment. If the court rules for the lender, it orders the house sold.
• 5. Sheriff's sale. The house is usually appraised and then auctioned by the county sheriff.
• 6. Confirmation. A judge holds a hearing to confirm the sale. Until then, you can generally still redeem the house by paying the full amount owed. After confirmation, it belongs to the buyer.

So how long does foreclosure take in Oklahoma? It varies a lot. From the first missed payment to the sheriff's sale often takes many months, sometimes a year or more, and contested cases take longer. Every case moves at its own speed.

One more thing worth knowing: if the sheriff's sale doesn't bring in enough to cover what you owe, the lender may be able to ask the court for the difference. That's called a deficiency judgment. Selling on your own terms before it gets there is one way to keep control of the price.

This is general information, not legal advice. Foreclosure rules change and every case is different, so talk to an Oklahoma attorney about yours.

Behind on mortgage payments after a job loss or medical bills?

Life doesn't check your budget before it happens. If you're behind on mortgage payments but haven't been served yet, you have the most options you'll ever have, so use them.

Call your lender first. Ask about forbearance, a repayment plan, or a loan modification. If you're not sure what to ask, a HUD-approved housing counselor can help for free. You can find one through HUD at (800) 569-4287.

If keeping the house isn't realistic anymore, and sometimes it isn't, selling while you still have equity usually beats letting it go to auction. That's where we come in. Your call.

Owe more than the house is worth?

Then we may not be the right fit, and we'll tell you so on the first call. That doesn't mean you're out of options:

• Short sale. Your lender agrees to accept less than you owe so the house can sell. It takes lender approval and some patience, and it usually goes through a real estate agent who handles short sales.
• Deed in lieu of foreclosure. By agreement, you sign the house over to the lender instead of going through the whole foreclosure. Not every lender offers it.

With either one, ask whether the lender will forgive the remaining balance, and get that in writing. If you're close to even, call us anyway. Sometimes the numbers work better than people expect once repairs and commissions are off the table.

Watch out for foreclosure rescue scams

Foreclosure notices are public, so the letters and calls start fast. Most are harmless. Some aren't. A few rules that will keep you safe:

• Never pay an upfront fee to someone promising to save your house.
• Never sign your deed over to anyone outside a closing at a licensed title company.
• Be wary of guarantees. Nobody can promise to stop a foreclosure.
• Keep talking to your lender. If someone tells you to stop, that's a red flag.
• Get every offer in writing and run it by someone you trust.

Hold every buyer to that standard. We'll meet it every time: no upfront fees, every offer in writing, and we'll make sure you're 100% on board with each simple step.