We all know how thousands of Orlando homeowners have suffered through this foreclosure crisis since 2007. There is another group of individuals that is also feeling the effects of all this…Lenders.
The truth is, banks have taken an extensive beating over the last few years and the effects are starting to show. Lenders don’t have many options when it comes to managing Orlando foreclosure properties. Even the usual process of foreclosure has been anything but reliable.
Orlando Homeowners have all the power.
A homeowner with the right strategy can stay in their home for over three years without making a single mortgage payment. I know this for a fact because several of my clients are in this situation.
Fact: It actually costs the lender less money to let the homeowner stay for free and maintaining the property than it does to evict the homeowner and pay to have the property maintained.
Don’t freak out, go see an Orlando Realty professional
I just cringe every time someone comes in to see us and they tell me that they moved out of there house because they fell behind on their mortgage and they thought that the “Big Bad Bank” was coming to kick them out. Unfortunately, most of the time it’s too late to do anything about it because they’ve already turned the key into the bank and moved into a new lease.
It kills me because if they would’ve just come in to see us when everything first happened, they could’ve saved tens of thousands of dollars and lots of stress.
That’s not the way it works!
Here are 3 things that you absolutely need to know if you’ve fallen behind on your mortgage.
1- Don’t stop talking to your lender! As a matter of fact, call them often and tell them what’s happening with you. Ignoring the situation is the worst thing you can do!
2- Even if the bank begins foreclosure proceedings, they have to inform you well in advance [in writing] of hearing dates, sale dates, etc. They can’t just kick you out from one day to the next.
3- Talk to an Orlando Real Estate Expert. It’s free to speak with a top Orlando Realtor and an experienced agent will be able to inform you of all your options and help you come up with the perfect plan for you.
One thing is for sure, there has never been a better time in history to do an Orlando short sale than right now. There are so many homeowners facing foreclosure right now that banks are having to negotiate better and better deals.
We’ve gotten our clients anywhere from $3,000.00 to over $20,000.00 back from the lender depending on what program we‘re able to qualify them for.
Still have questions? Ask me anything, I’m here to help
