How to Avoid Foreclosure in Orlando

We buy houses Orlando, Florida. The coronavirus pandemic has been an earthquake felt around the world for nearly 10 months. The economic damage has led to significant loss of income and employment, which unfortunately has created repercussions in the US housing market. Many reliable sources have indicated a potential foreclosure crisis given the rising defaults in mortgage payments. 

We at Your Trusted Home Buyer recognize how difficult this year has been and if you are an individual in Orlando, Florida who needs to sell your house fast, we are the best company to help you out. We buy houses in Orlando and have been able to help numerous customers sell their homes at fair prices, in as little as one week, in the wake of foreclosure. Dealing with foreclosure is a challenging time in any homeowner’s life; that is why at Your Trusted Home Buyer, we prioritize people over price. Being a group of Orlando home buyers, we strive to help our community sell their homes cheaply and hassle-free. We make direct offers using our funds and our simple three-step process means you receive a cash offer on your property and can choose your preferred date to move.

If you keep thinking “I have to sell my house Orlando“, Miami, or anywhere else in Florida, you may be considering hiring a realtor. However, selling with an agent often can result in vice-like payment plans and an incredibly time-consuming process; a luxury one cannot afford when dealing with foreclosure. Furthermore, it is a situation that needs to be dealt with effectively and immediately. At Your Trusted Home Buyer, we will be able to help you no matter how far along you are in the foreclosure process. You have our full support and honest guidance when it comes to dealing with paperwork and legalities, the cherry on top being no commissions or fees. It is inherent in our company values to make this difficult time easy and simple for you.  

Given our values and company policies, selling your home to us is a very viable way of escaping a foreclosure. However, below we have briefed some other methods that may help you prevent a foreclosure.

1.       Learn your Legal Rights and Florida’s Foreclosure laws:

a.       Depending on the courts, in Florida it takes approximately 180-200 days to foreclose on an uncontested property.

b.       Florida has a statutory right of redemption. Any party who makes a full repayment of all loans and associated costs can reclaim a foreclosed property

c.       Speak to a Foreclosure lawyer. Understand your rights and next steps

2.       Short Sale

a.       If you owe more on your mortgage than your house is worth, a short sale may be the right option for you

b.      A short sale is a process of selling your house back to the lender for less than what you owe while agreeing with the lender to accept the funds as the final payoff.

c.       Short sales however still will damage your credit (Not as bad as foreclosure) are time-consuming and quite dicey; it is not a sure-shot way of preventing foreclosure. Often it requires a good agent who has significant experience in handling short sale situations.

3.       Deed in Lieu

a.       A deed in lieu is where the homeowner voluntarily returns the property to the lender; the deed of the house is signed over to the bank.

b.      The lender will agree to not initiate foreclosure proceedings or cancel all ongoing proceedings; however, you may require an attorney to ensure the lender agrees in writing to forgive any or all deficiencies.

c.       A deed in lieu will prevent a foreclosure, however, its impact on your credit score is more or less than the same as a foreclosure.

4.       Consider Bankruptcy

a.       Declaring bankruptcy is to be used as a last resort given the pretty severe consequences associated with it. Furthermore, it may not be able successful in helping you keep your home

b.      Depending on the type of bankruptcy you file for, you may be able to restructure debts and have a revised payment plan and keep your home.  Conversely, it can leave serious damage on your credit report, with widespread implications.

Please do visit our website where you can find a free guide on 5 ways you can prevent foreclosure. The recommendations and resources listed above should not be taken as legal advice, please seek out appropriate resources. 

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