Category: Orlando Foreclosures

How to Find the Right Home in this market?

Posted on by Jenny Zamora

There are many factors to consider when purchasing a home. You must do your due diligence and make compromises to find the right one for you. The following article offers tips for preparing your wish list and finding the right home for you. We recommend defining your non-negotiable must-haves and your wish list. By identifying these two lists, you will have a guide to the home buying process.

1st Step

Before you start looking at homes for sale, you need to get pre-approved for a mortgage loan. It is a good idea to meet with several mortgage loan officers to find out what your budget and income are. Once you have your pre-approval, you can begin looking at homes within your price range.

The next step is the actual purchase process. You must have a pre-approval for your mortgage, understand what kind of property you are looking for, and know what your qualifications are. After you have your pre-approval, you can submit an offer to the seller or listing agent. If your offer is accepted, you’ll enter a due-diligence period, which includes final mortgage approval, inspections, and other necessary steps. At the close of the process, you’ll be officially a homeowner!

After you’ve applied for pre-approval, your mortgage lender will issue you a letter with your pre-approval status. You’ll need to show the letter to your Orlando real estate agent and let them know that you’re ready to start looking for homes within your budget. Your lender will ask you about your income and assets, as well as run a credit check to make sure you’re eligible.

Once you’ve narrowed down your list of homes, the next step is to make an offer. Once you’ve decided on a price range, you’ll need to contact a real estate agent to see what comparable homes are selling for in the area. If you aren’t confident about your offer, the real estate agent will recommend a price based on comparable homes in the area. The lower the competition, the better your negotiating power will be.

Buying a home is a big decision

Buying a house is a big decision, both emotionally and financially. There are many different things to consider: size and style of property, financing options, and economic conditions. Realtor Jenny Zamora offers insight into these factors. Read on to learn more about the home buying process. Here are some tips to keep in mind:

One of the first decisions you’ll need to make is whether you’re comfortable paying a down payment. Many buyers have trouble saving a lump sum for this expense. Unfortunately, millennials have graduated college during the worst recession in U.S. history and are saddled with student loan debt. In addition, underwriting is becoming stricter, and renting is becoming increasingly expensive, making saving for a down payment almost impossible.

There are many factors to consider

Location is a major factor to consider when finding the right home. A house in the right neighborhood is more likely to increase in value as time goes by, but you may not realize this until it’s too late. Listed below are five factors to consider when looking for a new home. In addition to the location, consider the amenities in the neighborhood. Are there any parks, cultural services, or shopping centers nearby?

You need to do your due diligence

If you are buying a home, you need to do your due diligence. During the inspection process, you should be aware of the property’s conditions, including any possible issues that might cause the transaction to be delayed or canceled. If the inspection reveals unfavorable conditions, you have the right to walk away from the deal. You can also request that the seller leave the home during the inspection.

Doing your due diligence is vital for buyers to avoid purchasing a lemon. Buying a lemon could turn out to be disastrous because it will not fit your needs, or it may have no resale value. To avoid buying a lemon, buyers should perform thorough examinations and investigations of the property before signing a contract. You should also obtain records related to any past or pending legal action on the property.

You must make compromises

When you’re buying a home, you must be willing to make some compromises, and it can mean lowering your standards. When you’re buying a home, compromise is not necessarily a bad thing – it means being flexible and peaceful. In fact, nearly 90% of buyers have made at least one compromise while buying a home in other markets. So, how do you compromise?

If you have a family, you’ll need more space than a two-bedroom condo. If you hate sharing walls, a condo is not for you. If you’re a first-time buyer, compromises will probably be necessary to get the house you want. You’ll likely have to give up some of your ideal features, like a backyard and a garage.

You must be realistic about your budget

Many people overspend when buying a home. In addition to paying for the house, they also pay for services they don’t use. To keep your budget on track, you should review your current expenses and look for ways to cut them. Unsubscribe from services you don’t use and cut out the things you do not really need. Being honest about your finances will help you make sound decisions and buy a home that is within your price range.

While home prices have plummeted since the recession, you should be realistic about your budget. There are many things that you should consider, including the mortgage interest rate. Many people will end up in a “house poor” scenario if they can’t afford their monthly mortgage payments. It is important to have a good emergency fund for unforeseen expenses, so you’ll have some extra money in case an unforeseen expense comes up.

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Foreclosure, Forbearance or Short Sale?

Posted on by Jenny Zamora

Foreclosure

When it comes to homeowners delinquent on their mortgage, three options that may be offered are foreclosure, forbearance, or short sale. A foreclosure occurs when a bank sues the homeowner for being delinquent on the mortgage. Either the homeowner has to bring the account current by paying any missed payments and late fees… or the lender will continue with the foreclosure process.

If the foreclosure is completed, it means the home will be sold at a public auction. If the bank doesn’t get an offer that meets their reserve, they will end up taking back the property and selling it as an REO property [real estate owned]. During the foreclosure process, the homeowner may continue to live in the home up until the foreclosure happens. Even after the property gets foreclosed on, homeowners have a period of time to vacate depending on what state it occurs in.

Forbearance Agreement

Another option is to ask your lender for a mortgage forbearance agreement. A mortgage forbearance is designed to help homeowners who are experiencing some type of financial hardship. It’s a repayment plan where a lender suspends or adjusts the mortgage payment for a pre-determined amount of time. The purpose of the mortgage forbearance is to allow a mortgagor to keep their property while they have time to repay the mortgage. Regardless of what the forbearance agreement is, the outstanding loan balance will still need to be repaid to the lender in full.

The duration of a mortgage forbearance can range from 6 months to 10 years, and the mortgage is usually placed in escrow at the end of the term.

What Happens If I Default On Mortgage Forbearance?

If the homeowner fails to meet the terms of the new agreement, foreclosure proceedings will eventually begin again. In many cases, the bank will offer the option of a mortgage forbearance extension to the mortgagor to avoid the foreclosure process. It is often an attractive incentive to the borrower because it does not have to be paid until the end of the term of the loan.

The borrower must decide whether to accept the extension of the mortgage or not. What are the benefits of doing so?

In addition to giving the borrower a second chance to redeem their property from foreclosure. Extending the forbearance agreement also gives the homeowner another opportunity to refinance their loan and possibly get a better price.

Short Sale

If a homeowner is denied an extension on their forbearance, then doing a short sale on the home may be the best option. A short sale is when a lender accepts a discounted amount on what’s owed on the mortgage.

Orlando Short Sale Experts


A short sale happens when a homeowner can no longer afford to make the mortgage payment because of financial hardship. Another condition that must be present for a short sale is the home must be worth less than what’s owed on the mortgage.

The homeowner will be required to submit a complete short sale package. If there is equity in the home, the homeowner could just sell the home as a normal sale and pay the bank from the proceeds.

It can be very costly for the lender to take someone through the foreclosure process, which is why a short sale can be a great option for both parties. The bank requires the homeowner to list the home with a local short-sale realtor. This is great for the homeowner because the short sale realtor will work with the lender to short sell the home. There is a lot more work involved in processing a short sale as opposed to a traditional listing.

Work With A Short Sale Expert

If you end up choosing to do a short sale, you must hire a short sale specialist. This is an agent that specializes in doing short sales and is up-to-date on the State’s rules and regulations. Many lenders offer cash incentives to borrowers to agree to a short sale depending on what lender.

Another benefit of working with a short sale expert is they have established relationships with every major lender. Good communication is key when working a short sale with any lender.

Benefits of A Short Sale

  • Avoid Foreclosure
  • Avoid Bankruptcy
  • Eliminate Mortgage Debt
  • Less Damage to your Credit- has less of a negative impact than a foreclosure
  • Get Cash Back at Closing [depending on the lender and situation]

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Florida Foreclosure Process

Posted on by Jenny Zamora

Going through a Florida foreclosure is not a pleasant experience. On top of that, you can get overwhelmed with dealing with the foreclosure process. There are legal timelines you must be aware of like court hearings and possibly eviction if you can’t stop the foreclosure.

These are the questions most commonly asked by homeowners struggling with foreclosure:

  • What’s the foreclosure process in Florida?
  • How much time does the FL foreclosure process take?
  • How long before they evict someone after a foreclosure?
  • Can I stop a Foreclosure in Florida?
  • Is FL a foreclosure redemption state?

Generally, a Florida foreclosure can be avoided if you know what you’re doing. In this post we’ll be discussing the foreclosure process in Florida and what you can do to stop foreclosure.

Foreclosure is a legal process where the mortgage lender of the home takes action to repossess the home or sell it at a public auction to the highest bidder. Once the foreclosure has been complete, the new owner or the bank has the right to evict anyone living there. 

Florida Judicial Foreclosure

That’s a fancy way of saying the courts decide the case. A Florida foreclosure must go through the courts and abide by timelines issued by the judge assigned to the case.

FL Lien Theory

In Florida, you own your property with a mortgage note. The deed is in your name and so is the debt attached to the home.

When the bank gave you a mortgage, they also filed a lien on the home. This is a recorded official document outlining the amount owed and your promise to pay them back. On the lien, the buyer is named as the owner of the deed and title to the property.

In some other states, the bank owns the home until the mortgage is paid in full.

Florida Foreclosure Law

If you find yourself struggling with foreclosure then knowledge is your best friend. Understanding the foreclosure laws in Florida will help you to make good decisions moving forward.

If you already have a foreclosure sale date you need to hire a foreclosure attorney to try and delay the proceedings.

Do you need help selling a foreclosure property in Florida?

The Phases of Florida Foreclosure

  • Pre-foreclosure
  • Foreclosure lawsuit
  • After the foreclosure sale

The thought of losing your home can be terrifying but it’s far worse if you don’t know how long it takes. Knowing how much time you have will help you when making a plan of action to stop the foreclosure.

Pre-Foreclosure: The amount of time from missing a mortgage payment until the bank files a lawsuit. Pre-foreclosure begins as soon as you miss your first mortgage payment. A Florida pre-foreclosure lasts anywhere from 3 to 6 months depending on the lender and the situation. You can extend or even stall pre-foreclosure by working with your lender on alternatives to foreclosure.

Pre-foreclosure is the perfect time to explore your options. If your home has no equity you may be a good candidate for a short sale. If you want to keep your home, you can ask about a loan modification. Another option if the home has equity is selling to a cash buyer.

What Happens When You Start Missing Payments?

Most lenders in Florida allow a 15-day grace period after missing a mortgage payment. Once the grace period is over, you will probably incur a late fee. At 30 days past due the bank may report you to the credit bureaus. After 30 days your lender will start reaching out more frequently. This is a good opportunity, to be honest with your lender and start a dialogue about your situation.

By the time you are 45 days late on your payment, you will be referred to the loss mitigation dept where a rep will be assigned to you.

Foreclosure Lawsuit

A foreclosure lawsuit in Florida begins with the bank filing a Summons, Complaint, and finally a Lis Pendens. A “Summons” is a legal notice of the foreclosure lawsuit and it orders you to appear before a judge at a certain time and day. You will also have 20 days to file your response.

The Complaint

The complaint puts in motion the legal and factual basis for the lawsuit. A foreclosure complaint describes the terms of the mortgage or promissory note, property being foreclosed on, the amount due, etc. Complaints will also specify the relief sought after by the lender.

The Lis Pendens

A “Lis Pendens” is a written notice that states the foreclosure lawsuit has been filed against your home. The purpose of this is to inform the public there is a lawsuit against the property. Banks are required to file and record the Lis Pendens with the local county in FL.

A Lis Pendens can be several pages long and must include: names of the parties involved, filing date of the lawsuit, property description, and relief being sought.

The Service of Summons and Complaint

Once the Lis Pendens has been filed, the bank must “serve” you with the complaint, summons, and Lis Pendens regarding the foreclosure lawsuit. This is usually done by mail or by a process server.

Responding to the Summons

Once you’ve received the summons and complaint, you have 20 days to file a response. You must file a response before the 20 days run out. If not, the judge may decide to fast-track the foreclosure sale date.  For example: “I’m currently working with my lender to do a short sale on my home, please allow me some time to do this so I can avoid foreclosure”

Once you’ve filed your answer, the judge may just put it to the bottom of his stack or set a date for a “Preliminary Hearing”.

The Preliminary Hearing

If by this time you still haven’t found an alternative to foreclosure, the process continues with a preliminary hearing. In the preliminary hearing, you tell the court what your plan is to avoid the foreclosure and the judge decides what happens next. If the judge sees that you’re being proactive by pursuing an alternative to foreclosure with the bank, you may be granted more time.

If you haven’t taken any action to correct the situation then the judge will probably set a foreclosure sale date.

Summary Judgment Hearing

In this hearing, the lender will present their case to the judge to rule in their favor. This is based on only the non-disputed facts so if something is wrong, this is the time to speak up. You have the chance to offer up any proof of why the foreclosure shouldn’t move forward.

Your lender might include the financial damages including mortgage balance and interest as part of a summary judgment motion.

Foreclosure Sale Date

The county court may set a foreclosure sale date after the entry of the summary judgment. At that time, it will be sold to the highest bidder or required by the bank to list as an REO property. Whoever the new owner is at this point will have the option to evict anyone living in the home.

Alternatives to Florida Foreclosure

If you want to sell the property to avoid foreclosure and walk away then doing a short sale may be the way to go. A short sale is when the bank allows you to sell the home for what it’s worth and not what it owes. So if you owe more than the home is worth, requesting a short sale is a great option.

Applying for a Short Sale

If you decide on a short sale, you’ll need to submit a complete short sale package. The short sale package generally consists of your financial information like pay stubs and bank statements, proof of hardship, letter explaining your situation. The lender will usually request 30 days for a short sale review.

Hiring Short Sale Realtor

If you wish to pursue a short sale on your property then you need a short sale agent. This is a real estate agent that specializes in short sales. A short sale is a much more complex process than a normal listing which is why most agents shy away from short sales. An experienced short-sale agent can step into your shoes and deal with the lender on your behalf.

Hiring the wrong Realtor can mean the difference between selling your house and being foreclosed on.

A short sale agent can also help you with:

  • Advising you on most current loss mitigation programs available
  • Completing and submitting the short sale package properly
  • Provide you with updates on your short sale review
  • Keep you up-to-date on court hearings and timelines

Loan Modification

A loan modification is when your lender adjusts the terms of your mortgage by reducing the payment making it more affordable to you. If you want to stay in your home and can afford a slightly lower payment, then this may be a good 1st option.

Deed-in-Lieu of Foreclosure

The transferring of ownership back to the bank instead of a foreclosure.

Filing For Bankruptcy

Courts issue an “automatic stay” on creditors (consult with your local bankruptcy attorney)

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Foreclosure Homes in Orlando FL

Posted on by Jenny Zamora

Searching for a foreclosure property in Orlando, FL

The home buying process can be as exciting as it can be scary… Especially when buying a foreclosure home in Orlando. Depending on if you plan on living in the home, selling it, or renting it out, you should be a critical buyer. There are several things you should consider before making your decision.

Finding the right Orlando neighborhood.

If you plan on living in the home, you should find a neighborhood that meets your family’s needs. Being in a good school district or being close to your job could help you decide. But, if you plan on renting it out, you’ll want to be in an area where it will rent out fast like near a college or university. Your real Orlando estate agent can advise you on finding the best area to meet your needs.

Determine how much you can afford to pay

It’s important to know how much you can afford to pay for a house before you begin your search. Keep in mind that when you’re buying an Orlando short sale home or foreclosure, you’re buying it in as-is condition. Chances are you’ll have to make a few repairs to make it livable. Unless you’re an experienced investor, I would suggest avoiding homes needing major repairs. By adding the cost of repairs to the sale price you’ll know how much the house will cost you.

Finding a Realtor that specializes in Orlando foreclosure properties

Not all Realtors in Orlando have experience with foreclosure properties or short sales. You must find an agent that specializes in foreclosure homes and short sales. By hiring the right agent, you will greatly increase your chances of finding the right property.

Facing Foreclosure in Orlando?

If you or someone you know have an approaching foreclosure sale date, you must take action! Whether you speak with us or some other Orlando foreclosure specialist, don’t wait. Time is against you and the faster you take action the better your chances of avoiding foreclosure.


Know your options…

Just because the bank has begun the foreclosure process or has threatened to, don’t panic! You have options… Depending on your situation there are some different options available to you.


Short Sale

A short sale is when your mortgage lender agrees to let you sell the home for less than what’s owed on the mortgage. They will only do this if the home is currently valued for more than what it’s worth or “market value”. You must also prove to the bank that you can no longer afford to pay the mortgage. You’ll have to submit a complete short sale package to your bank. The package consists of a hardship letter, 2 years of tax returns, and your financials.


Loan Modification

If you’re looking to keep the home and continue living in it a loan modification may be an option. This is when the lender adjusts the terms of your mortgage making the payment more affordable. In my experience, the modified terms are often worse than the original mortgage terms. The truth is you won’t know until you try.


Deed in Lieu

A deed in lieu is when you sign the deed over to the bank and they agree to stop the foreclosure. Having a deed in lieu of your credit is still far better than foreclosure.

STOP FORECLOSURE!

File for Bankruptcy

As a last resort, you can always file for bankruptcy to avoid foreclosure. Consult with a local bankruptcy attorney to see if it could be an option for you.

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Selling Your Orlando Home Without A Realtor

Posted on by Jenny Zamora

Although most of the time I recommend for people to use an agent when buying or selling a home, some folks just want to get a quick cash offer and just move on with their lives. Even if it means not getting top dollar for their home.

There can be many reasons why someone needs to sell fast like, If your property:

  • Has become too expensive to maintain
  • Is causing you more headaches and stress than it’s worth
  • Has fallen into foreclosure, or short sale team has a 98% approval rating
  • Is in need of repairs and has to be fixed up to make it livable
  • Is an inherited home that you just don’t want

The good news is that our sister company http://sellmyhouseinorlando.com/does just that. We pay cash for homes in Orlando in any condition situation or price range. By selling your property this way, you can avoid having to pay any realtor fees closing costs, or any other fee involved with selling your house, we take care of everything. These are some of the reasons why you should consider selling to us.

  • We pay cash so there’s no bank financing needed which means there’s no chance of the deal not closing. We Pay Cash (No bank financing needed)
  • There are no real estate commissions to pay saving you thousands.
  • We buy homes in As–Is condition. No need to make any repairs before selling.
  • Guaranteed Best Cash Offer First. No haggling, No games.
  • Divorce Situations.
  • Unpaid property taxes.
  • Landlords who just want out.

Since 2003 we have been helping Orlando homeowners to walk away from problem properties by giving them our highest all-cash offer putting money in their pockets and taking away their stress! It doesn’t matter if it’s falling to pieces, upside down, or in foreclosure… we’ll buy it. Get A Fast Cash Offer Today!

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