Are There Short Sales In Oklahoma?

By
Mortgage and Lending with Amerifirst Financial Inc

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.

Comments (2)

Anonymous
Joe Pryor

J Lauren, I am an Active Rain member and my team does short sales in Oklahoma city with a 92% success rate. The 90 days is incorrect. We are a judicial state so the les pendens order is not served until 6 months of missed payments. After the judge rules then it is typically 4 to 6 months before the sheriff sale is compeleted including the 2 to 3 week cure period for the owner. I can look on the court system site to see where they are in the process and also who might be who we are dealing with. Countrywide/BOA has been selling second mortgages off to Real Time Resolutions and we are experienced with them. My team also has their CDPE designation and I am an advanced member. Their are certainly less short sales in Oklahoma but we have done hundreds of them. Be glad to talk to you and feel free to call me at 405-590-2135 and also view my profile on AR.

Jul 19, 2011 01:51 PM
#1
J. Lauren Parker
Amerifirst Financial Inc - Surprise, AZ

Thanks so much Joe.  I had already "found" you on ActiveRain (this really works!) and sent a link to my friend.  You sound like you know your stuff on short sales in Oklahoma.  We do a ton of short sales here in AZ.  She is trying to convince the husband that this makes sense, so it might be a delayed response.  She was very relieved to hear there might be a better way than going to a BK attorney who knows zip about real estate. 

Again, thanks for your comment and great work in this arena

Jul 20, 2011 05:29 AM