Katy, TX foreclosure lawyers near me may have the solution you need to get out of your legal bind. With their expertise, these lawyers can help you through the complex legal proceedings of a foreclosure. Foreclosures are serious matters that deal with what happens when someone cannot pay off their loan payments for their home. Considering it means removing a house or some other type of real estate property from someone’s possession, there are many legalities that surround the matter.
A foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has defaulted on their payments. The lender will usually attempt to sell the property to recoup their losses.
However, if the property does not sell for enough to cover the outstanding loan balance, the lender may be forced to take ownership of the property. This is a lengthy and complex process, so it is important to consult with an experienced foreclosure attorney if you are the lender in this situation.
Many foreclosure lawyers are available to help those on the lender side of a foreclosure. These lawyers can help negotiate with the borrower on your behalf, as well as represent you in court if necessary.
Suppose one of your borrowers default on their payments. In that case, it is important to speak with a foreclosure lawyer like John Okonji from The Okonji Law Office as soon as possible to discuss your options. Together, you will be able to discuss your options and develop a plan to recoup the money from the defaulted loan.
Where You Can Find Katy, TX Foreclosure Lawyers Near Me
When you are looking for a foreclosure lawyer near me that is willing to take a look at your case, contact The Okonji Law Office. The Okonji Law Office proudly serves the Katy and greater Houston areas. The Managing Attorney, John Okonji, is an expert at real estate transactions and the possible legal disputes that would come with them.
Meet a local expert. John Okonji is a proud local graduate of the Thurgood Marshall School of Law and the University of Houston. He graduated with honors from both institutions, showcasing his dedication and knowledge about his practice areas.
He has been permitted to practice law by two state bars: North Carolina and Texas. Not to mention, he can also practice law within the jurisdiction of the United States Federal District Court – Southern District of Texas.
John Okonji uses his expertise and legal experience in the ins and outs of real estate transactions to get results for all of his clients. Without an expert like him, you may find yourself in a mire of legal complications that wastes more time and money to get yourself out of. At that point, you may need more than a law firm to help you get out of the thick of it. To prevent that from happening, you should contact The Okonji Law Office for legal advice regarding foreclosures today.
The Typical Foreclosure Procedure
The foreclosure procedure usually starts when a homeowner falls behind on their mortgage payments. The lender will then send a notice of default, which gives the homeowner a certain amount of time to catch up on their payments. If the homeowner does not catch up on their payments, the lender will then file a notice of sale, which means that the home will be auctioned off.
Foreclosure auctions are held when a homeowner has defaulted on their mortgage, and the bank or lender is looking to recoup their losses by selling the property. The auction is open to the public, and anyone can bid on the property. The highest bidder at the auction will become the new owner of the property.
All of the proceeds of the auction will go toward the lender so that they can recoup the rest of the amount that the original borrower defaulted on. Sometimes, the auction price of the property will not be enough to recoup the full price that the borrower still owes the lender.
In that case, the lender (usually the bank) may choose to pursue a deficiency judgment, which means the borrower will still owe the remaining balance of the loan. The lender may also choose to write off the debt as a loss.
Legal Issues that Can Occur During a Foreclosure
The foreclosure process can be long and drawn out. Many things could happen throughout the process. However, it generally ends in one of three ways: the auction pays off the loan, and you recoup your losses, the borrower still owes a balance, so you will get the amount back eventually, or the case ends before you can recoup your losses due to extenuating circumstances.
During the process, the borrower may file for bankruptcy. This can stop the foreclosure procedure and put you, the lender, at a disadvantage. Another issue that could occur is that the borrower may try to negotiate with you to keep the property, which could delay the process and put you at a disadvantage.
Keep yourself from losing more than the loan amount with the help of one of the Katy, TX foreclosure lawyers near me, who know what he is doing.
Contact The Okonji Law Office
Foreclosures are an unfortunate and complex process for all parties involved. For borrowers, it may mean that they will lose the home they worked so hard to obtain. For lenders, it means that they are not getting the money they lent back the easy way.
Get the help of a reputable foreclosure lawyer to ensure that the process is as smooth as possible. And, even if you do not need a foreclosure lawyer, Mister Okonji is an expert with landlord-tenant disputes.
Call The Okonji Law Office today to schedule a consultation with the Managing Attorney. Visit the law firm to learn more about how he can help. John Okonji is one of the Katy, TX foreclosure lawyers near me that can represent your case.
Katy, Texas Fun Facts:
- The city hosts an annual Rice Festival that lasts for two days.
- The name of the city comes from the nickname of the MKT railway that cut through the area.
- It is home to the famous Katy Mills Mall.
- For more fun facts, visit the city’s official page.