An efficient foreclosure attorney Richmond, TX can help end the matter quickly. Foreclosures happen when a lender reclaims a property from a borrower who has defaulted on their loan. The laws around this process can be tricky, as it is with most types of property law. However, with a foreclosure attorney, you can easily navigate the process’s ins and outs.
Foreclosures typically occur when the borrower cannot pay their mortgage payments, and the lender or bank decides to repossess the property to collect the unpaid balance of the loan. Although it may be a traumatic experience for the borrower, as the lender, you are only recollecting what’s due to you.
Although this process rarely deals with an actual trial, many documents delve into the legal side. To ensure that the process goes as smoothly as possible, you may want an experienced lawyer to help you review everything before you submit them.
The Okonji Law Office is home to one of the more experienced foreclosure attorneys in the greater area of Houston. Meet John Okonji, the Managing Attorney of this law firm. If you are a lender looking for a lawyer to help you with the foreclosure process, you have come to the right place. Call today to schedule an initial consultation with Mister Okonji.
How a Foreclosure Attorney Richmond, TX Can Help
Most people believe that lawyers only work within and around the courtroom. However, that is a massive misconception. Lawyers are the gateway for laymen of the law to navigate the tricky way around legal issues that occur. In other words, a lawyer is an expert in the law that can help in ways other than representing you in court.
A foreclosure lawyer near you is an expert in the topic at hand: foreclosures and the proceedings around them. Any capable lawyer will be able to guide you through the process to ensure you file every legal document properly. If necessary, they can also review your legal documents to ensure that everything is in order and that you are not missing anything.
For the most part, the foreclosure process does not require a lawsuit. In the best scenario (ignoring the fact that a foreclosure is already close to the worst-case scenario), you will not need to go to court in order to get the money you are owed. Of course, that would mean that filing a lawsuit against your borrower would be the final straw for either party.
In the worst, worst-case scenario, where you file a lawsuit against your borrower, a foreclosure attorney can represent you in court and protect your best interests. A lawyer like John Okonji can also help you with the follow-up procedures to ensure you get what you are owed as soon as possible. When you need some extra hands on deck in the face of a foreclosure case, call The Okonji Law Office today and get the legal counsel you need.
The Legal Process of a Foreclosure
Usually, the process kicks in when your borrower stops making their monthly mortgage payments. You may then send them a notice of default, which is a formal notification that the borrower is in breach of their mortgage contract. This notice will also notify the borrower that they have a certain amount of time (usually 30 days) to cure the default or reach a repayment agreement with you. Usually, the matter will end here and you will receive what you were expecting.
However, if the borrower fails to do either, you may file a foreclosure lawsuit against them. Once the lawsuit is filed, you can seek a court order to repossess the property. This part of the process is called a foreclosure sale, where the property is sold to the highest bidder at the auction. The proceeds of the sale are used to pay off the balance on their loan.
If the proceeds are not enough to wipe away the rest of your borrower’s debt, you may then seek a deficiency judgment against the borrower. This judgment is another type of court order that requires the borrower to pay the remaining balance of the loan. If they fail to do so, you may seek to garnish their wages or place a lien on their property.
How John Okonji is Qualified to Help
John Okonji has years of experience with property and real estate law. He graduated from the Thurgood Marshall School of Law and has been permitted to practice law by the State Bar of Texas and the US Federal District Court – Southern Disctric of Texas. He helps residents of Richmond with their real estate transactions all year round. His other practice areas include contracts regarding real estate and landlord-tenant disputes.
In the end, the foreclosure process is what happens when the borrower breaches their end of a mortgage contract. As you could tell, foreclosures and contracts are only two aspects of his legal expertise. When you need a foreclosure attorney Richmond, TX who can help you out of this legal bind you have found yourself in, contact The Okonji Law Office.
Contact The Okonji Law Office for Legal Help
Real estate law is one of the more complicated parts of the law you will ever have the chance to come into contact with. When you are dealing with a legal situation relating to real estate, you will want the help of a real estate expert. Luckily, there is an expert near you that can help.
Contact John Okonji from The Okonji Law Office today to schedule a legal consultation with an expert. Based in the Fort Bend County area, you can visit the office when you come in for an appointment. Meet this foreclosure attorney Richmond, TX today and learn more about the legal process behind it.
Richmond, Texas Fun Facts:
- It was named after the English town.
- It witnessed the Battle of Richmond in 1889.
- The city is among the original 19 cities incorporated during the Republic of Texas.