What is Foreclosure & How Does It Affect You?

When you miss a monthly payment on your mortgage the bank that holds the mortgage is alerted. After several missed payments the bank will proceed to file a Notice of Default to start the foreclosure process. Once filed the homeowner that is in arrears on the monthly payments will be served or notified via mail that the bank has begun foreclosure proceedings. The bank will want to sell the property so that any missed payments, outstanding balances on the loan, and property liens are paid. If the home sells for more than what is owed, then the homeowner has the right to collect the excess proceeds. The surplus funds can be collected by filing a motion at your local court or by hiring an attorney to collect these funds on your behalf.

Once a foreclosure is complete the effects are felt immediately. Foreclosure can cause a drastic drop in credit score. This deep impact will last for several years and prevent you from qualifying for another home in the near future. It may also affect your ability to qualify for rental homes or apartments if a credit check is a part of your application process. Utility companies may also increase deposits as they often require a credit check when activating services. Not to mention the stress and financial burden the foreclosure will cause it is best to avoid it at all costs.

Foreclosure Prevention Resources

Do Not Ignore Any Notices

Avoiding the problem and hoping that it goes away is not the answer. Trust me when I say that it may seem easier to turn a blind eye, but it will absolutely hurt you later down the road. Yes, that means you need to open up every notice that the bank sends you. Understand that I am writing from a place of compassion as I know that the guilt and stress you feel are heavy, but understanding where you are at will help us know where we need to go.

Reassessing Finances

Taking the time to see the big picture of your financial situation is the first step in overcoming the hurdle of foreclosure. The best way to analyze your finances is to determine how much is owed and calculate what it would take for you to catch up. This may be taking into account you working overtime or even calculating a tax refund that will help make up missed payments. If you are unable to free up additional funds to catch up on the missed mortgage payments then I recommend reassessing your finances to make sure that moving forward you will not

Speak With Your Mortgage Bank

If you find yourself unable to catch up on missed payments always speak with your mortgage bank. Often they have programs available to help homeowners avoid foreclosures. These often look like applying the outstanding balance to the end of the loan by increasing the loan term. Lenders may also be able to increase the monthly payments for a specified time to allow homeowners to become current on missed payments. Once the back payment is paid then the monthly payments will return to their original amounts. Speaking with the bank will help you put a plan into action to avoid foreclosure.

What To Do If All Else Fails

If a foreclosure is inevitable, Selling your home may be the right choice. This puts the power back into your hands and avoids a foreclosure on your record. Speak with a qualified real estate professional and determine the next steps for selling your home. Be sure that your real estate professional understands how delicate your situation may be and has had experience with handling foreclosures. They may need to speak with your lender and the attorneys that are handling the foreclosure. If you find yourself needing to sell, realize that time is of the essence. Waiting may not give your real estate agent enough time to sell.

Erica Garvin

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The post Are You In Foreclosure? Find Out How To Stop It Now! first appeared on Ivy Key Team .

Months Supply of Inventory (MSI) Decreases

The total housing inventory decreased 0.36% to 2,503 existing homes available for sale. Over the last 12 months, this area has had an average of 1,044 closed sales per month.

Average Sale Price Going Up

The Oklahoma market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 2.38% in September 2023 to $300,765 versus the previous year at $293,788.

Average Days on Market Lengthens

The average number of 29.90 days that homes spent on the market before selling increased by 9.30 days or 45.14% in September 2023 compared to last year’s same month at 20.60 DOM (days on market).

Summary

Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month. There were 1,423 New Listings in September 2023, down 6.13% from last year at 1,516. Furthermore, there were 1,064 Closed Listings this month versus last year at 1,348, a -21.07%
decrease Closed versus Listed trends yielded a 74.8% ratio, down from the previous year’s, September 2022, at 88.9%, a 15.91% downswing. This will certainly create pressure on a decreasing
Months Supply of Inventory (MSI) in the months to come.

• Hiring A Homebuilder? Here Are 10 Questions To Ask
• February 2024- Oklahoma Market Update
• Building A New Home Vs Buying An Existing One: What You Need To Know
• Mastering Your Money: Insider Tips for Future Homeownership Success
• January 2024- Oklahoma Market Update

The post October 2023- Oklahoma Housing Market Update first appeared on Ivy Key Team .