Tag: Jenny Zamora

Demand for Orlando Homes in 2021 Rises

Posted on by Jenny Zamora

When someone decides they want to relocate to Orlando, they want to be sure that they are making the right decision for their families and their personal financial needs. Because of the high demand for housing in Orlando, homes are going to sell quickly.

People are interested in buying real estate in Orlando because of the great location of the city, a large number of schools, and course the entertainment and dining options.

People moving to Orlando will find many job opportunities available in every industry. Many young families make the move because of the great options in public schools and great neighborhoods such as Hunter’s Creek. Hunters Creek Fl was voted the 21st best neighborhood to live in in the US by CNN’s Money magazine.

For the past several years, Central Florida has been on the fast track to becoming one of the most desired places to live in the US. Whether you’re single looking for City life or looking to buy a home and raise your family, you’ll find that there are plenty of great homes and neighborhoods to choose from.

The City of Orlando has many older neighborhoods that offer the romance and charm many young couples seek. The proximity of the downtown area means that you’re just steps away from great options in dining and entertainment and fantastic city views.

If you have kids, you’ll enjoy being near Walt Disney World, and a whole bunch of other theme and amusement parks of which are too many to name. There is never a shortage of things to do when you live in the “City Beautiful”.

This creates a huge demand for housing in the Orlando area. To meet this growing need for housing, Realtors in Orlando is as competitive as ever trying to secure a home for their potential buyers and getting top dollar for real estate listings. The Orlando real estate market has been performing so well compared to other cities around the country people are moving to.

Now, if you were looking for a bargain in Orlando homes, you won’t have as good of a selection. But, if you have an experienced Orlando Realtor helping you, you could still find some great deals on single-family homes. Because the demand for homes in Orlando is very high at this time, new home builders aren’t offering many incentives as they would in a buyer’s market.

If you are a first-time homebuyer, you may want to start by looking into the Orlando real estate listings. You can do this by having your Orlando real estate agent send you the most current MLS Listings. You have to be ready to move quickly once you find what you’re looking for.

Right now, the top home types for those looking to purchase a home in Orlando are Single Family Homes, Townhomes, Condos, Mobile Homes, and duplexes. The Orlando MLS Listings shows that the inventory of single-family homes is slightly above the demand. Condos and mobile homes are lower in demand right now, but still higher than the inventory. Townhomes are the lowest in demand and the highest in inventory right now. The low inventory is good news for buyers because there are so few of these home types for sale.

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How To Extend Your COVID-19 Mortgage Forbearance

Posted on by Jenny Zamora

If you received a mortgage forbearance due to COVID-19, your payment suspension could be about to expire. If so, you must request an extension before the initial forbearance agreement expires. It’s important to know that a forbearance extension through CARES isn’t guaranteed. The CARES Act [aka] Coronavirus, Aid, Relief, and Economic Security (CARES) Act.
was signed into law on March 27th of 2020. If you aren’t sure, contact an experienced Orlando Realtor to assist you.

The act granted homeowners who were financially affected by the coronavirus a 6-month temporary suspension with no penalties. That means the first forbearance agreements began to expire at the end of October 2020.

The CARE Act also allowed for a 180 forbearance extension… as long as the homeowner requests before the initial agreement expires.

MAIN POINTS

  • The CARES Act provides up to 360 days of mortgage payment forbearance for homeowners with a federally backed loan.
  • The initial forbearance can be for up to 6 months with one 6 month extension.
  • You must request the initial forbearance from your bank as well as the extension. Neither one is automatic.
  • To apply for an initial forbearance or an extension, contact your lender.
  • Typically, forbearance freezes delinquency, which also stops foreclosure.
  • Most lenders offer COVID-19 related forbearance. For private lenders rules and conditions vary.

What Loans Qualify for Forbearance Under the CARES Act?

The CARES Act forbearance applies to mortgages backed by the federal government:

  • Loans insured by the Federal Housing Administration
  • Loans insured under section 255 of the National Housing Act.
  • Loans insured under section 184 or 184A of the Housing and Community Development Act of 1992.
  • Loans insured by the Department of Veterans Affairs.
  • Loans insured or made by the Department of Agriculture.
  • Loans insured by the Federal Home Loan Mortgage Corporations (Freddie Mac) or (Fannie Mae)

Apply For Your Extension Through Your Lender

If your loan forbearance is about to expire and you still can’t make the payments, contact your lender immediately. Check your mortgage statement for the contact information of your mortgage servicer.

Your lender should notify you before the expiration of your current forbearance. Don’t take a chance! If you’re not sure when your current forbearance expires then call your servicer to tell them you need an extension. If you’re unsure or need some help, feel free to contact us at https://orlandorealtyconsultants.com/ for immediate assistance.

Before you contact the lender, visit their website for any mortgage relief options available.

The CARES Act only requires that you request an extension and by law… you shall receive one.

Get It In Writing!

Although the law doesn’t require your forbearance request to be written, it’s a good idea to ask your lender for documentation detailing the terms of your agreement.

Things to keep in mind:

  • To get the extension, you don’t need to submit additional documentation. Only your claim to have a coronavirus-related financial hardship will be required.
  • During the time of your forbearance, additional fees, penalties, or interest will be waved.
  • You have the option to shorten the forbearance and continue to make payments at any time. Let your lender know of the change.

If you still haven’t asked for your mortgage forbearance, don’t worry… you may still be able to as long as the emergency declaration is still in effect. You can check with your local Orlando real estate agent to get informed.

What About Private Lender Forbearance Agreements?

If you have a mortgage through a private lender you’ll have to contact them and see what they’re offering. Because your lender will have their own set of terms and conditions, you’ll need to pay close attention to the fine print. For example, some private lenders may want you to pay a balloon payment for missed payments and interest.

During Your Forbearance

During the time of your Forbearance, while preparing for life after your forbearance expires, there are a few things you should be doing…

  • Maintain copies of ALL written documents pertaining to your forbearance agreement.
  • Check your monthly mortgage statements carefully to make sure there are no mistakes.
  • Pause auto-payments for your mortgage during your forbearance.
  • Carefully monitor your credit report for any errors and make sure your lender is reporting your status correctly
  • Prior to your forbearance expiring, be sure to have a plan in place with your lender for you to repay what you owe.

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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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What You Should Know About Mortgage Forbearance

Posted on by Jenny Zamora

Like many Americans right now, you might be worried about making your next mortgage payment. Don’t panic just yet… Forbearance may be a good option for you! It means working together with your mortgage company to help you avoid any late penalties and eliminate any risk of being foreclosed on. You may also consider seeking the advice of an experienced real estate agent before contacting your lender.  

If you’re experiencing financial hardship due to COVID-19, here are some things you need to know about mortgage forbearance agreements.

What’s mortgage forbearance?

Mortgage forbearance is a program designed to provide temporary relief from your mortgage payment by either lowering your monthly payment or pausing your payments completely for a pre-determined amount of time. This is generally requested by homeowners who are going through some type of financial hardship affecting their ability to make their mortgage payments, like loss of employment, divorce, or illness.

Mortgage forbearance is not free money; you still owe the full amount of those reduced or missed payments.   

Does mortgage forbearance affect my credit?

Under normal circumstances [not during a global pandemic], it would be up to your lender whether or not to report your forbearance to any credit bureaus. However, right now mortgage lenders are providing struggling homeowners with an automatic, no documents required 3-month forbearance plan because of the coronavirus. They will not be reporting this forbearance plan to any of the credit bureaus either.  

Under normal circumstances, however, a forbearance would still be much less damaging to your credit than a few missed payments or foreclosure.

How does a mortgage forbearance work?

First of all, you have to make contact with 6your lender to see if they will approve you for a forbearance agreement. Don’t ever just stop making payments without speaking to your lender first. Normally, lender qualifications will vary slightly between different mortgage companies. The type of loan you have will also be a determining factor in what options you will be offered, or you will qualify for.

If you qualify for mortgage forbearance, your lender will work together with you to set up the terms of your agreement. Terms of forbearance may include:

  • Length of time for the forbearance period
  • Reduced payment amount required during the forbearance period.
  • Whether or not your lender will report the forbearance to credit agencies.
  • After the forbearance period ends how will you pay your mortgage moving forward, including skipped or reduced payments.

Once the forbearance period ends, you will have to pay your mortgage company back according to the terms you agreed on. Here are some typical options for paying back the missed amount:

  • Lump sum bringing the loan current in 1 single payment.
  • Adding an additional amount to your normal monthly payment until your current.
  • Normal payments will resume and missed payments will be added to your mortgage lengthening the terms of your mortgage.
  • Loan modification; when the terms of your mortgage are permanently adjusted by either a reduced payment, reduced principal or both.

How long will a mortgage forbearance last?

Mortgage forbearance is designed to provide temporary relief from your mortgage payment while you are going through a financial problem. Typically forbearance agreements do not last more than 3 months to 1 year.

Most mortgage companies will require you to provide them with regular updates during the forbearance period. If you need an extension, your lender will explain your options at that point.

Can a forbearance plan hurt my financial future?

A forbearance will usually be reported to the credit bureaus unless your lender has agreed to not report it. Right now, because of the coronavirus outbreak, almost all lenders have agreed to not report a forbearance to any of the credit bureaus. Having a forbearance on your credit history still looks much better than a foreclosure, short sale, and even a few missed payments.

Before you buy a new home in the future, you would need to re-establish yourself as a credible borrower. As long as you’ve already gone through the forbearance without missing any payments, the impact on your credit should be minimal and you may even consider applying for a new home loan from the same lender that granted you the forbearance.

How can I qualify for a mortgage forbearance?

The qualifications for mortgage forbearance are similar to that of a short sale. You start by applying. Most lenders will let you start the process online but I suggest you begin by calling your lender and take notes on every phone call… who did you speak to?… what happened on the call? etc. You can get started by gathering the following items.

  • Most recent mortgage statement.
  • List of your monthly income.
  • List of your monthly expenses.
  • Hardship letter, an explanation of why you cannot continue to make the mortgage payment (include any supporting documentation if possible).

Just like when I do a short sale in Orlando, it’s best to start communicating with your lender way before you miss any payments. If you already missed a payment before reaching out, it will show up on your credit report and stay until the loan has been made current again.

Keep in mind, if you’re filing because of a natural disaster or even a global pandemic like we’re facing currently, there’s usually a time limit in which you can file your claim.

If your request is denied, you then have an option to appeal the decision with your mortgage company. Then your application will be reviewed by a newly assigned loan officer, and they will reach out to you with an updated decision.

How do I get mortgage forbearance?

You should contact your mortgage servicer to apply for a mortgage forbearance agreement. Call the number on your monthly statement and ask for the mortgage forbearance dept to get started.

If you want unbiased advice about your financial situation, consider speaking to a housing counselor from the Department of Housing and Urban Development. You can make an appointment with a HUD counselor near you by going to their website. They will advise you on whether forbearance is a good choice for you in your current situation. They will also explain how different repayment plans would work.

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