In our digital age, I have connected with old friends from high school, college, and even a great yoga class at my favorite all ladies gym. I currently live and work in the NW Valley of Phoenix, particularly the Sun City West, and associated Active Adult communities nearby. I'm a lender with Amerifirst Financial, Inc. and have been doing residential loans for over 10 years. But, I got stumped on a question from an old high school friend who may be looking foreclosure in the face in Oklahoma City.
I Googled information on foreclosure law, time lines, and deficiency judgments. But then I wondered about short sale in lieu of foreclosure as I would certainly recommend in my state of Arizona. So here I am, blogging for answers from the Realtor community on the viability of a short sale in Oklahoma City.
Any realtors out there interested? Do you do short sales in Oklahoma?
Looks like you only have 90 days from the time of default in Oklahoma before the lender can go to court for foreclosure proceedings. That is, if the lender is on the ball and their process is moving at lightening speed through the foreclosure process. It sounds like my friend has a second mortgage that was originally held by Countrywide. I'm still trying to find out who is the servicer now. I thought all the Countrywide loans went to Bank of America, but she did not refer to BofA on this transaction. They also have a first mortgage that is current. I'm waiting to hear who holds their first mortgage as well.
I don't think it makes any sense to file a Chapter 7 Bankruptcy unless they want to hold on to the property. I'm not really sure how that all works out either. Maybe if the Bankruptcy would modify the payment schedules of the 2 mortgage lien holders it might work for them, but I don't think the Bankruptcy courts have the power to do that.
Love to hear from some Oklahoma experts on this topic.