The foreclosure process in Ocala can be tough to deal with, especially if this is your first time facing such a notice. Before you go ahead and wonder how to sell your home in foreclosure so Ocala creditors don’t come after you, understand that there are still a lot of factors in your favor that can get you out of foreclosure sooner rather than later.

First of all, it’s time to understand what to expect. This makes foreclosure a less fearful possibility and more of something you can overcome with time. Read on to discover more:

Florida laws still favor you

By defaulting on your home loan, the bank or your creditor has every right to enforce foreclosure and seize your property.

However, you need to understand that Florida laws, which in turn are Ocala laws too, tend to favor the homeowner. No one wants to go into debt, and laws are inclined to try to help the debtor get out of it as best as they can.

The best way to take advantage of this is to try talking to a real estate lawyer. They can likely help you pursue the best course of action that can also keep your creditor happy as well.

Foreclosure is still costly

What you need to understand about loans that haven’t been paid is that the interest attached to them could accumulate over time. On top of this, going through the foreclosure process with a licensed attorney could get you spending thousands of dollars on their hourly fees. Sure, they can defend you appropriately, but the cost of hiring them might leave your finances in bad shape.

What this means is you would want to avoid foreclosure as much as possible by finding ways to repay your debts, little by little, until you are completely free of them.

Check out the next section to find out how.

It pays to work closely with your bank

Your bank is most likely your creditor, and they too don’t want to put you through the painful process of foreclosure. This is how you can work closely with them:

• Over-communicate: Don’t be annoying about it! Prompt follow-ups every now and then will be greatly appreciated.
• Don’t miss your deadlines: If you have to, always give them a heads up.
• Keep records of conversations: If you’re in a phone call or meeting in person, always inform them that you’ll be taking notes.
• Treat them like people: Don’t be demanding or obtrusive. Work hand in hand to come up with solutions.

Read up on right to redemption

Here are two options you have when faced with foreclosure:

• Exercise your right of redemption: If you can prove that you can catch up on missed payments by a certain time period, the bank has no right to seize your property immediately. Look into this to avoid immediate foreclosure
• Recover your property by proving the bank committed a violation: If they violated the foreclosure process in any way, you can possibly recover your property. This is highly unlikely to happen though, so your first option should still be your primary course of action.

It may affect your future employment

Future employment will likely look at your credit score to find out if you owe large amounts of money to a creditor or creditors.

Before you go about seeking employment, we recommend getting your credit score in order first. Find other means of settling your debts or communicate to your future employer that you’re on your way to clearing most of your debt. This will help instill a sense of responsibility in you, and they likely won’t turn you away for being honest about repaying your debts properly.

Need to learn more?

To avoid foreclosure, selling property is an easy way to get your finances in order quickly. You can approach us at K&K Property Ventures, where we buy houses in Ocala for cash. The houses we accept come in absolutely any condition. No need to worry about repairs, realtors, commissions, extra fees, and cleaning the property.

Get started with us by filling up the form on our homepage today!