Comments on: What happens during the “judicial foreclosure” process in Oklahoma? http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/ Oklahoma's trusted source for accurate and reliable information about consumer bankruptcy. Written by Tulsa bankruptcy attorney Dan Nunley who helps Oklahoma consumers and small business owners get relief from serious debt problems through Chapter 7 and Chapter 13 bankruptcy. Fri, 03 Feb 2012 11:22:21 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/comment-page-1/#comment-6502 Dan Nunley Sun, 28 Aug 2011 11:53:39 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=1975#comment-6502 Anne, If a reaffirmation agreement was not properly executed and timely filed regarding your home, which apparently it was not, then the debt you owed on your home was discharged in your bankruptcy. This means that you can surrender the home to the mortgage company at this point and you won't owe another penny. The mortgage company will most likely file a foreclosure lawsuit in the near future and serve you with a Summons and Petition, but you won't have to take any action whatsoever in that lawsuit. The mortgage company will get the real property back but will not be able to seek a personal judgment against you for any monetary deficiency since your personal liability for then note was discharged in your bankruptcy. Dan Nunley Anne,

If a reaffirmation agreement was not properly executed and timely filed regarding your home, which apparently it was not, then the debt you owed on your home was discharged in your bankruptcy. This means that you can surrender the home to the mortgage company at this point and you won’t owe another penny. The mortgage company will most likely file a foreclosure lawsuit in the near future and serve you with a Summons and Petition, but you won’t have to take any action whatsoever in that lawsuit. The mortgage company will get the real property back but will not be able to seek a personal judgment against you for any monetary deficiency since your personal liability for then note was discharged in your bankruptcy.

Dan Nunley

]]> By: Anne Kiely http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/comment-page-1/#comment-6498 Anne Kiely Fri, 26 Aug 2011 02:27:21 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=1975#comment-6498 March 2010 we had to file bankruptcy. We kept our vehicles and home. Since then due to illness in our family and no income we are faced with the possibility of foreclosure. Our bankruptcy discharge date was September 2010. Wondering what would happen if we just walk away from the house and let it go back. March 2010 we had to file bankruptcy. We kept our vehicles and home. Since then due to illness in our family and no income we are faced with the possibility of foreclosure. Our bankruptcy discharge date was September 2010. Wondering what would happen if we just walk away from the house and let it go back.

]]> By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/comment-page-1/#comment-5922 Dan Nunley Thu, 04 Nov 2010 14:17:00 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=1975#comment-5922 Diane, Yes you can. Until the judicial foreclosure process is completed and the deed is transferred to the new purchaser, you are still the legal owner of record of your house. Therefore, you have the right to sell your house and pay off the mortgage prior to the auction. Dan Nunley Diane,

Yes you can. Until the judicial foreclosure process is completed and the deed is transferred to the new purchaser, you are still the legal owner of record of your house. Therefore, you have the right to sell your house and pay off the mortgage prior to the auction.

Dan Nunley

]]> By: Diane Martin http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/comment-page-1/#comment-5921 Diane Martin Thu, 04 Nov 2010 14:05:51 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=1975#comment-5921 My home is in judicial foreclosure and scheduled for auction on 1/11/2011 can I sell it to my neighbor at fair market value if I close and pay the bank in full before the auction date? Diane My home is in judicial foreclosure and scheduled for auction on 1/11/2011 can I sell it to my neighbor at fair market value if I close and pay the bank in full before the auction date?
Diane

]]> By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/comment-page-1/#comment-4150 Dan Nunley Sat, 05 Jun 2010 01:47:38 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=1975#comment-4150 Tracy, If the bank forecloses and sells your home via a public sale resulting in a deficiency balance, Oklahoma law would allow the bank to sue you for the deficiency. This would be the case whether or not the home was owner-occupied. Dan Nunley Tracy,

If the bank forecloses and sells your home via a public sale resulting in a deficiency balance, Oklahoma law would allow the bank to sue you for the deficiency. This would be the case whether or not the home was owner-occupied.

Dan Nunley

]]> By: Tracy Garrison http://www.oklahoma-bankruptcy-attorney.com/foreclosures/what-happens-during-the-judicial-foreclosure-process-in-oklahoma/comment-page-1/#comment-4057 Tracy Garrison Mon, 24 May 2010 23:37:17 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=1975#comment-4057 I have a house that I built a couple of years ago with the intention of selling it. I have not had any luck selling it, but was able to rent it out this last year to give myself some relief. If I let the bank foreclose on this property since it is a non owner occupied house will they have the right to come back & sue me for a deficiency balance? Would I be able to move in there and homestead it this month to prevent this? I am no longer employed but do have other rental properties that I do not want to lose. I owe $385k on this house and it is worth about $425-440k. I have tried to sell it, but have had no luck. I have a house that I built a couple of years ago with the intention of selling it. I have not had any luck selling it, but was able to rent it out this last year to give myself some relief. If I let the bank foreclose on this property since it is a non owner occupied house will they have the right to come back & sue me for a deficiency balance? Would I be able to move in there and homestead it this month to prevent this? I am no longer employed but do have other rental properties that I do not want to lose. I owe $385k on this house and it is worth about $425-440k. I have tried to sell it, but have had no luck.

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