Orlando Short Sale Expert | Orlando Short Sales, Orlando Short Sale Realtor / Agent

Orlando falls under Florida which is a recourse state. In recourse states, the lender can pursue you for the deficient amount even after foreclosure. Thus, it is better to avoid foreclosure in Orlando. There are ways in which you can avoid foreclosure in Orlando. You surely will not like to lose the home you are living in, thus you will have to find out ways in which you can avoid a foreclosure.

Avoiding a foreclosure

Some of the ways in which you can avoid foreclosure in Orlando are:

1. Discuss loan modification with your lender – You can discuss about loan modification with your lender. Loan modification changes the terms and conditions of your original home loan. You can ask him to lower the interest rate and increase the term of the loan. Thus, it lowers the amount that you will have to pay each month.
2. Try home loan refinancing – You can also try to refinance your mortgage. Refinancing helps you to save money and if you are able to save money, you will be able to use that money for debt consolidation purposes too. That is, you will be able to use that money to pay off your unsecured debts though debt consolidation.

In refinancing, you take out a new loan thereby replacing the original loan and the terms and conditions of the home loan. Refinance loans are available at low interest rates. Thus, it becomes easier for you to pay the installments.

3. Try special forbearance – You can also try the special forbearance to avoid foreclosure. A special forbearance is like a repayment plan between the lender and the borrower when the borrower has suspended payments for some time. The lender through this plan allows you to catch up with your payments and you are also required to pay a portion of the fees which was due like the attorney fees.

For example, if you were required to pay $2000 and if you are now 6 months behind your payments, the forbearance agreement will require you to pay an additional $1000 per month. That is, you will have to pay $3000 when you will resume your payments on the mortgage.

You can also take the help of a counseling agency if you think that you can’t do all these on your own. The counseling agency will address your financial problem and negotiate with your lender. It is better to get help from a HUD approved housing counseling agency.

What is foreclosure?

Foreclosure is when a property owner defaults on a mortgage loan and the lender/lienholder obtains a court order allowing them to seize and resell the property. Once a foreclosure is issued the homeowner no longer has equitable rights to the property. Foreclosure notice is typically issued when a property owner is 90 days late on their mortgage payments.

Negative Affects of Foreclosure 

A foreclosure can be devastating not only to your life, but especially your credit. A foreclosure should be avoided at all cost. A foreclosure can damage your credit for up to 7 years, making it virtually impossible to get any type of conventional financing. Even if you qualify for traditional financing your interest rate, in most cases, will be so high you may end up paying double the amount of what your mortgage is actually worth.

How to STOP Foreclosure

If you are currently facing a foreclosure in Orlando, we urge you to ACT NOW! It is imperative to discuss all options that you have available to stop this process to prevent further damage. Before your home is foreclosed on it must go through the pre-foreclosure process. This will be the stage in which we can best assist you. The worst thing you can do is nothing or wait until it is too late! There may even be government funded programs or other options which would allow you to remain in your home. Please contact us immediately so that we can discuss all of your possiblities!

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden,  Kissimmee or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.