In unfortunate cases, the bank you work for may need to seize an asset from a homeowner for a number of reasons and to help ensure the success of the foreclosure, you may need an experienced Cinco Ranch, TX foreclosure attorney near me.
John Okonji of The Okonji Law Firm, PLLC is a dedicated, professional real estate attorney whose expertise is well respected throughout the greater Houston area and Cinco Ranch, TX. His talents have allowed him to practice law through the State Bar of Texas, the North Carolina State Bar, and the United States Federal District Court- Southern District of Texas.
John Okonji is a Cinco Ranch, TX Foreclosure Attorney Near Me
The Okonji Law Office is an expert in real estate law; if you have issues evicting a tenant or homeowner you may want to consider his services to aid in resolving the foreclosure. An eviction is a life-changing event, and when a tenant is being difficult or refusing to vacate, it could be considered wise to explore your legal options. A Cinco Ranch, TX foreclosure attorney near me may be of assistance in mediating the dispute and can aid in creating an amicable conflict resolution.
The most simple way to avoid conflict with your tenants or borrowers is to know the law and avoid the issue from ever arising. However, a breakdown in communication is more likely to happen than not. In the event of this breakdown, bringing in a third party could help mitigate the frustration of both parties. It’s important to have someone mediate because it allows us to reestablish a stable line of communication between the acting parties.
John Okonji specializes in real estate transactions, and Landlord-Tenant disputes and can aid in mediating interactions between you and your borrowers or tenants.
However, in some cases mitigation may not be enough, and you will have to look at more legally binding options that are available to you at the time. If you’re planning on taking your borrowers or tenants to small claims court, Mr. Okonji is willing and able to represent you through this difficult process. As a native Houstonian, he has great pride in serving his hometown.
With multiple years of experience in the greater Houston area, Mr. Okonji graduated from the University of Houston, as well as the Thurgood Marshall School of Law at Texas Southern University. He is a born and raised local, who enjoys representing his community. The Okonji Law Offices are more than qualified to work throughout the entire Houston metropolitan area. No matter where you are in town, he is a Cinco, Ranch TX foreclosure attorney near me that is ready to represent you.
For a full list of The Okonji Law Office’s services, you can click this link here.
What Can You Expect From the Foreclosure Process?
What exactly is foreclosure? Foreclosure is defined as the legal process in which the owner of a property has stopped paying the mortgage. Whatever the reason for stopping, it puts the bank that lent the money to the homeowner in a losing situation. In this instance, the homeowner doesn’t actually “own” the home, but is rather, a borrower. The bank lent the money needed to purchase the home and then the bank relies on prompt payment of the mortgage to recover its lost assets.
So, when payments are no longer being made and debt begins to occur, the homeowner forfeits the rights to their home. A mortgage is known as a “secure loan” because while the homeowner may default on their payments, the bank will not receive any loss because they can seize the asset per the loan agreement.
The first part of the foreclosure process begins when the owner stops making payments. This could be for a variety of reasons, whether that’s personal life circumstances such as unemployment or sickness, but other times it may be because the owner feels the property is under water. This means that the value of the home has decreased to a point that the mortgage is now higher than the value of the home.
Whatever the reason, the homeowner can no longer or refuses to make their payments. This is when the foreclosure process begins. After three, to six months of non-payment, the lender must head to the County Recorder’s Office and submit a Notice of Default. This notice will then be posted on the front door of the homeowner’s property, notifying them of the danger they’re in.
After the Notice of Default has been placed, the homeowner has between 30 and 120 days to come to an agreement with the lender. This is known as “pre-foreclosure” and is an opportunity for both parties to end the dispute reasonably. The homeowner can either arrange to pay off the defaulted debt or begin the short sale process to recover the amount owed.
If the owner does not follow through on this agreement, the next stage of foreclosure begins. The house will then be sold at a foreclosure auction for cash. The amount of buyers who can pay upfront cash is small though, and if no one is able to buy the foreclosed-on asset, the home becomes property of the bank to be sold as an REO property or real estate-owned property.
If you are wondering how else a real estate lawyer can aid you through this process, please click here to learn more.
The Okonji Law Office Has Fantastic Credentials
When you’re looking for a lawyer to represent you in small claims court, it is important that you choose a lawyer with the necessary credentials and accolades. Mr. Okonji surpasses the mark; he has multiple professional memberships that include the State Bar of Texas- General Practice, Solo & Small Firm Section, the North Carolina State Bar, Houston Bar Association- Real Estate Law Section, Fort Bend County Bar Association, and the Katy Bar Association.
It is safe to say that he is an incredibly qualified Cinco Ranch, TX foreclosure attorney near me. He has further solidified his experience through a variety of volunteer organizations. Mr. Okonji has worked closely with Houston Volunteer Lawyers and Lone Star Legal Aid and is a Houston Bar Association- Lawyers for Literacy Committee Member.
He has spent countless hours providing pro bono work for Houston area residents, using his expertise and experience to aid residents in need. If you are in need of legal representation, The Okonji Law Office is excited to provide that representation for you.
The Okonji Law Office is happy to take you through each step of the foreclosure process to make sure that it goes as smoothly as possible. For a Cinco, Ranch TX foreclosure attorney near me, contact The Okonji Law Office for their services today.
Fun Facts About Cinco Ranch, TX:
- Oak trees in Cinco, Ranch TX were originally planted because farmers needed more shade.
- Cinco Ranch is named after the five ranchers who joined their individual farms together to form the community.
- There are 6,150 homes in Cinco Ranch, TX.