Foreclosure Defense in Ocala
You may be facing foreclosure on your home for many reasons; you recently lost your job, you have no money in your savings, you have unpaid medical bills, or live in a home that you can no longer afford to pay. Whatever the reason may be, it is important to talk with an Ocala foreclosure defense lawyer to determine what your alternatives to foreclosure are.
What is the Foreclosure Process?
The foreclosure process begins after you fail to make several mortgage payments in a row. If you make no attempt to make up the missed payments, then the lender will file court action and a pending lawsuit against you. You will then have 20 days to respond or the court can find you in default, which strips you of your right to defend your case and leaves you at the mercy of the courts. If a foreclosure ruling is made, then a sale date for your property will be set and a public auction will be held on that day.
The auction date will be set between 20 and 35 days following the foreclosure ruling. The highest bidder at the auction will be awarded your property. Your total amount owed on the mortgage minus the winning auction price will be ruled a deficiency judgment against you, and if you do not pay that amount then the winning bidder will be awarded your home. You will then have ten days to vacate the property, after the ten days are complete, you will lose all rights to the property and lose the ability to contest the sale.
There are options to stopping the foreclosure process and avoiding the foreclosure judgement all together, but you will need to speak with an Ocala foreclosure defense lawyer as soon as you know you are headed to foreclosure, or you have been served your foreclosure notice. The foreclosure defense attorney can help you decide whether a short sale, loan modification, or a deed in lieu of foreclosure may be an option for you.