Friday, March 5

To Avoid Foreclosure, You Must Face It Head On!

As Americans, we’ve all heard of this scenario a million times… the homeowner can no longer afford to make the payments and now the bank wants to foreclose. Chances are that either you or someone you know has been in this unpleasant situation. So what can you do to sell your home and get rid of your debt to the bank?…

a Short sale of course! The best way to avoid a foreclosure and sell your Orlando Home is to ask the lender for a short sale.

Short Sales in Orlando 2021

If you are facing foreclosure, it is important that you contact an Orlando Short Sale Realtor so you can stop or at least delay the foreclosure. Even if you’re not interested in pursuing a short sale, you still need to take action. Perhaps you want to pursue a loan modification… you may be able to negotiate with your lender to have your mortgage payment reduced by extending the term of your loan.

Or, you might even be able to have late fees and accrued interest reduced. An experienced short sale realtor in Orlando can present you with several options as alternatives to foreclosure. In some cases, it’s just a matter of refinancing your mortgage depending on how much you owe and how much your house will sell for.

When homeowners in the Orlando area find that they cannot avoid foreclosure, they often have to file bankruptcy. But, if you work with a short sale agent in Orlando, you may be able to avoid bankruptcy by selling your property as a short sale, thus avoiding foreclosure and eliminating your debt.

Many homeowners will attempt to sell their homes for less than the balance of their mortgage balance by filing a short sale. A short sale agent can negotiate a short sale for you, which may allow you to pay a smaller amount than you would without a realtor.

Real estate agents will often work with homeowners who qualify for loan modifications, or homebuyers grants, to lower the cost of their mortgage balance. It’s just a matter of researching to find the right agent to help you out.

If you are behind in your mortgage payments, you need to find out whether you can qualify for the Home Affordable Program (HAP), which provides relief from foreclosure by allowing delinquent homeowners to stay in their homes. In order to qualify for the HAP, you must be making at least the minimum monthly payments. A qualified realtor in the Orlando area can assist you with applying for HAP. If you are not eligible for the HAP, or if your payment amounts to more than your mortgage principal balance, you may qualify for the FHA’s Loan Modification program, which allows you to reduce your payments to an amount that is more affordable.