Foreclosure
Facing foreclosure in the OKC metro
The calendar is the whole problem. Here is how to work backward from it.
We are not attorneys and this is not legal advice. If a foreclosure is moving forward, talk to a HUD-approved housing counselor or an Oklahoma attorney. Many offer free consultations, and knowing your actual position is worth more than any offer we could make you.
Know where you actually are in the process
Foreclosures in Oklahoma move through the district court in the county where the property sits — Oklahoma County for OKC, Edmond, and Midwest City; Cleveland County for Moore and Norman. The stage you are at determines which options are still open, and people routinely assume they are further along than they are.
[Legal review required: confirm current Oklahoma foreclosure procedure and typical timelines with the client's counsel before publishing. Do not publish specific day counts or statutory citations without verification.]
Your realistic options
- Reinstate the loan. Pay what is past due plus fees. Best outcome if you can reach it.
- Loan modification or forbearance. Worth pursuing with your servicer, though it takes time and approval is not certain.
- List the house. Works if you have enough runway and the house shows well. Financed buyers need 30 to 45 days after they are found, which is the part that catches people out.
- Sell for cash. Fastest path. Pays the loan off through the title company and puts any remaining equity in your pocket rather than losing it in a sheriff's sale.
- Deed in lieu. Hand the house back. Usually the last resort, and you keep nothing.
Where we fit
If there is equity in the house, a foreclosure sale is the worst way to lose it. We can typically close in about three weeks, and we sequence the title work around your date instead of the usual order. We have also worked with servicers to get a payoff quote expedited when the calendar was tight.
Call with your sale date. Not next week — today. The options narrow every week and the difference between five weeks out and two weeks out is enormous.
Related: how fast we can actually close and what changes when two people are on the deed.
Questions we get asked
- Is it too late if a sale date is already set?
- Often not, but every day matters and the answer depends on how far out the date is. Call us with the date in hand rather than waiting until the week before.
- Will selling hurt my credit less than foreclosure?
- A completed foreclosure is generally treated more harshly than a sale that pays the loan off. Your specific situation depends on your lender and your credit profile, so confirm with a HUD-approved housing counselor rather than taking our word for it.
- What if I owe more than the house is worth?
- Then a straight sale may not work and you are looking at a short sale, which needs lender approval and takes considerably longer. Tell us early and we will be honest about whether we can help at all.
Facing a sale date?
Start with the address. Add your foreclosure date on the next step and we will call you first.