Orlando Short Sales| Central Florida Short Sales | Florida Short Sales
Zip Codes : 32824,32825,32826,32827, 32828,32821,32818,32812,32806,32801
Your Options When Facing Foreclosure in Orlando.
Facing foreclosure can be a life altering experience and put tremendous amounts of stress on a homeowner. Families fall apart and in many cases homeowners lose their homes. We have created this site so that Central Florida homeowners have answers and options when facing foreclosure in Orlando Florida.
Read carefully and if you have questions about facing foreclosure or want to know more details in placing your property on the market as a short sale, give Wendy Morris a call.
- Do nothing and you will eventually lose your house. Some lenders and banks can take up to 1 year to foreclose on a property while others can accomplish a foreclosure in 3 to 4 months.
- Deed-In-Lieu of Foreclosure. A “Deed-in-Lieu” is where you give the lender back the property. This allows the lender to sell the home faster. Do not consider this option unless the lender, bank or financial institution give you something in return.
- Loan Modification will reduce your monthly mortgage payment and keep you in your home. You must qualify and give the lender documentation required in order to obtain a loan modification. .
- Reinstate Your loan by paying the lender all late fees, back payments and other related costs and make your loan current.
- Get a New Loan if you have equity in the home. In most cases if you owe more than what the home is worth today chances are you will not be able to obtain a new loan and pay the old one off.
- Rent the property unless your are already behind on your mortgage payments. Many local and state governments have written new laws forbidding homeowners to rent their property unless their loan is current.
- Bankruptcy in recent years laws have changed and most bankruptcy judges want people to obtain a Chapter 13 bankruptcy rather than a Chapter 7. A Chapter 13 is a court monitored repayment plan of all of your debt while a chapter 7 allows you to get rid of the debt. Seek the advice of an attorney.
- Short Sale A short sale is when you owe more than what the home is worth and choose to sell. Hire a real estate agent and remember the lender pays the agent and all the expenses in selling a short sale.
Lenders realize they will reduce their loss by selling a home in a short sale situation. If you have a Central Florida home and you are behind on your mortgage payments, please contact us and do not wait. Time is of the essence. If you have any specific questions or need help, please give me a call at 407-575 -5392. Wendy Morris is ready to help, all calls and inquiries are confidential!