Tag: Stop Foreclosure in Orlando

Orlando Homeowners Have all the Power!

Posted on by Jenny Zamora

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

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Rising Orlando Foreclosure Filings Can be Deceiving

Posted on by Jenny Zamora

There’s been a lot of buzz about the rising numbers of foreclosure filings in Orlando. The truth is that the increasing number Orlando Foreclosure filings can be deceiving.

It’s important to know numbers and statistics when you’re a Realtor, it’s even more important to know why things are playing out the way they are.

One of the main reasons that the number of foreclosure filings are at an all time high is because lenders had no choice but to put things on hold while this whole robo-signing fiasco got sorted out.
Now that the lenders and lawyers have had a chance to determine what was done legally or not, it’s back to business as usual for the lenders holding all those delinquent mortgages.   This should lead to a massive increase in inventory and I think we are leading into a “perfect storm” type scenario…In a good way.

This is actually a good thing for everyone involved. Think about it, the seller get’s to proceed with a loan mod or short sale so they can be relieved of their debt and move on with their life, the lender recoups a percentage of their money back, a buyer gets a great deal and an Orlando realtor closes another deal.
It’s a win win for everyone involved.

The fact is… As long as Orlando home prices and mortgage interest rates remain low. It will be a busy  year for Orlando Short Sale Realtors.

If you’re considering an Orlando short sale come in for a free consultation with one of our short sale specialists and get all of your questions answered with absolutely no obligation to work with us. You have everything to gain and nothing to loose.

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Orlando Real Estate Market on the Road to Recovery

Posted on by Jenny Zamora

 

When you examine the current Orlando real estate market  a few things are undeniable. The most important fact, there has been a huge decline in Orlando home prices since 2006. Secondly, the foreclosure inventory is still incredibly large. The third factor is that interest rates remain low.
There are two potential ways to look at these things. You could look at these facts and say that we are in weak real estate market and an economy that’s struggling. Orlando Real estate investors however,  will look at this scenario and see dollar signs

Currently, Orlando home prices sit around 35% below the peak price of 2006 and is starting to show some signs of a recovery. Foreclosure properties and REO’s are the biggest reason for lower than normal home prices. Even if you’re not in a distressed situation, that’s who you’re competing with. This will not change until there’s a demand for more inventory.

Here in Orlando, real estate is already showing significant signs of recovery. Banks are moving short sale files along a lot faster than they used to and inventory is moving.

There are many real estate analysts that say that we haven’t hit rock bottom yet. However, I believe differently. I think we hit bottom in Orlando about six months or so ago and we’re already on the comeback trail. I don’t think we’ll ever see what we saw in 2006 nor do I want to see inflated home prices.

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Orlando Foreclosure Growth Pushing Down Home Values

Posted on by Jenny Zamora

Home values are being negatively affected by an increasing amount of foreclosures

Orlando Florida Foreclosure listings keep on growing, continuing to push down home values and casting a shadow over the efforts of local and state governments to stabilize and strengthen the housing market.

Orlando real estate experts say that the increase in foreclosure and short sales have caused home values to slide down even further. They said that home sellers are forced to reduce the sale price of their properties to be able to compete with discounted prices of foreclosed homes.  Sometimes   buyers are having to bring more money to the table because of the property not appraising.  Many times, a reduced property value could kill a sale.

Lenders will usually determine the loan amount based on either the appraised value or purchase price of the property, whichever is lower. In the event that appraisals come in at a lower amount than the purchase price, then either the buyer needs to bring more money to the table in order to obtain the financing or the seller will have to accept a reduction in the purchase price. Because of the volume of foreclosure houses and short sales, many homes listed for sale are priced well below the fair market value.

Although Orlando short sale experts say that home prices are showing some signs of stability. A great number of distressed foreclosure home and short sales still need to be closed and then cleared from banks’ inventory before the housing market could reach any kind of stability.

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