There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.
It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing.
To get caught up, you may want to read the 9 Option Summary here.
Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here and Option 3: Sell the Property! here.
Much like the last option, Option 4 is also considered a "common sense option," but again, sometimes the obvious is often overlooked.
Option 4: Rent the Property
While this option may be less desireable than selling, it may be worth considering if the rent payments are sufficient to cover the monthly expenses. In some cases, it may even be worth considering if the rent payments will cover the majority of the monthly expenses and the owner can pay for any shortage.
For homeowners who are considering renting their property, I would highly suggest retaining the services of a Property Managment company who will qualify potential tenants via credit and background checks, collect the rent payments, draft the lease documents, coordinate repairs and follow the laws if a eviction is ever required.
Unless you know the potential tenant personally (and even then, there is no guarantee they won't stiff you on the rent), it is my belief that professional Property Management companies are worth every dollar they make!
If you are a homeowner who has a home to rent in Seminole, Orange or Volusia County in Central Florida, send me an email at LaShawn@LaShawnNorden.com and I'll be happy to refer you to quality Property Management agents in your marketplace.
In the event that reinstating, repayment and renting are not options for your personal situation, I'd welcome the opportunity to meet with you to discuss other options, including selling your home.
LaShawn Norden, PA, REALTOR, CDPE, ALHS, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com
There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.
It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing.
To get caught up, you may want to read the 9 Option Summary here.
Option 1: reinstatement of your loan here and
Option 2: Forbearance or Re-Payment Plan here.
This particular article is what one might refer to as the "common sense option," but when financial pressures are mounting, sometimes the most obvious solutions get overlooked.
Option 3: Sell the Property!
For homeowners with equity, selling the property is certainly an option to consider. While some borrowers may owe more than their home is worth in today's market, there are many more who do have equity and just haven't thought about selling their home as an option.
Even if there isn't a lot of equity, being able to sell the property may be able to generate enough proceeds to cure the foreclosure and relieve the borrower from the financial stress of having to make the next mortgage payment.
In cases where there is a potential foreclosure on a home with equity, it is very important that the sales price be enough to cover:
In the event that the value the home is not high enough to cover the mortgage and the associated costs listed above, then a "short sale" may be the best option to consider...and that option will be the topic of a future article in this series.
To find a qualified Real Estate agent in your marketplace, ask your friends, family and co-workers for a referral. It's smart to consider hiring a full-time professional REALTOR who has references, a proven marketing plan, knowledge of your marketplace and strong negotiating skills. Since time may not be on your side, you need an agent who will be!
Subscribe to my Blog to find out about how you can avoid foreclosure by hiring a Certified Distressed Property Expert!
LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, (321) 377-0157, LaShawn@LaShawnNorden.com
Serving Seminole, Orange and Volusia Counties in Central Florida
There are many options for Central Florida sellers who are in foreclosure.
As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure.
To find out about the 9 options for Sellers, you can read my blog post here.
You can my blog post about Option 1, which is reinstatement of your loan, here.
Today's post is about Option 2, which is Forbearance or Re-Payment Plan.
Option 2 is somewhat like Option 1 in that if a borrower who has missed mortgage payments did so due to a temporary situation such as an illness or a short-term job loss, they may be able to negotiate a re-payment plan with their lender to "make up" the missed payments.
If a re-payment plan is offered by the borrower's lender, it is usually because the borrower can demonstrate that they will have the necessary funds to repay the missed payments and legal fees...but may need several months to do so.
In situations such as these, it is not uncommon for the borrower's lender to agree to allowing the missed payments to be moved to the end of the scheduled loan amortization plan as long as the borrower can provide the required documentation from their lender.
If a forbearance or re-payment plan is granted by the borrower's lender, the borrower needs to know that until ALL of the missed payments are caught up, the mortgage is not fully reinstated and any further missed payments during this same time period may result in foreclosure action.
In the event that you are a seller who is delinquent in your mortgage, a forbearance/repayment plan or one of the other 8 remaining options for Sellers facing foreclosure may be an option for you.
Contact a Certified Distressed Property Expert (CDPE) in your market place to see which option is best for you.
A list of CDPE professionals can be found by visiting the CDPE website here.
LaShawn Norden, PA, Certified Distressed Property Expert (CDPE), (321) 377-0157, LaShawn@LaShawnNorden.com
Serving Seminole, Orange and Volusia Counties in Central Florida
There are many options for Central Florida sellers who are in foreclosure.
As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure.
To find out about the 9 options for Sellers, you can read my blog post here.
Today, I'd like to review Option 1, which is reinstatement of your loan.
Reinstatement of your loan is often an option if the reason for the missed payments was temporary, such as an illness or temporary job loss.
In order to have the loan reinstated, the borrower must re-pay all of the missed payments, including late fees and legal fees if any were accrued.
Reinstatement must be approved by the borrower's lender and the amount owed should be obtained in writing from the lender in the form of a reinstatement letter. Because most reinstatements of the loan are time sensitive (meaning they have an expiration date), it is very important that the borrower pay all fees due by required due date.
Once the loan has been reinstated, they should continue to make regular monthly payments on their mortgage in order to avoid further action by their lender.
If you are a seller who is delinquent in your mortgage, reinstatement or one of the other 8 remaining options for Sellers facing foreclosure may be an option for you.
Contact a Certified Distressed Property Expert (CDPE) in your market place to see which option is best for you.
A list of CDPE professionals can be found by visiting the CDPE website here.
LaShawn Norden, PA, Certified Distressed Property Expert (CDPE), (321) 377-0157, LaShawn@LaShawnNorden.com
Serving Seminole, Orange and Volusia Counties in Central Florida
There are many options for Central Florida sellers who are in foreclosure.
As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure.
Below are 9 options that are available to Sellers:
If you own a home in Central Florida and are unable to pay your mortgage and are thinking that foreclosure is your only option, I'd be happy to schedule a confidential interview to see if any one of the above options will work for you!
LaShawn Norden, PA, Certified Distressed Property Expert, (321) 377-0157, LaShawn@LaShawnNorden.com
Serving Seminole, Orange and Volusia Counties
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REALTOR & advocate for BUYERS, SELLERS & RELOCATION clients in Central Florida! Education, communication & negotiation are my passion & the key to a client's success~Serving Seminole & Orange County
A Seminole County resident for more than 35 years, I can and do share my knowledge of each city and the neighborhoods within those cities with both Buyers and Sellers. Being a Central Florida Native, I spent my early childhood years as a resident of Orlando, Maitland and Altamonte Springs. When I was 10, my family moved to the city of Lake Mary, Florida where I went to school at Lake Mary Elementary, Lakeview Middle (which is now Millenium Middle School) and Lake Mary High School. After graduating from high school in the late 80's, I worked at the Central Florida YMCA in Lake Mary and for the Seminole County Regional Chamber of Commerce before starting my real estate career in 2002. As the Marketing Director for the YMCA and a Sales Consultant for the Chamber, I learned valuable methods of advertising and developed many beneficial relationships with area business owners and individual homeowners...all of which have been the reason for my growing success in Real Estate. It is my belief that Buyers and Sellers alike deserve an agent who will listen to their needs, understands and explains the process and is more concerned about building a relationship than in getting a sale. I pride myself on my response time, communcation skills and knowledge of the Central Florida marketplace and look forward to continuing to build lasting relationships for the next 25+ years! Fortunately, for the last five years, I have been ranked in the top 5% of agents in the Orlando marketplace and wish to continue to offer exceptional service to many more over the course of my career. We have four children: RJ, Nickolas, Konnor and Elvis (our Puggle)! We live in a Cambridge Home that my husband built in a small Sanford community in Seminole County near Lake Mary and Winter Springs.
My husband, Rick, is a residential building contractor who owns his own company, Priority One Homes. He specializes in home renovation projects such as bathroom remodels, room additions, painting, drywall, crown and trim work and general household improvements...which of course, means we talk a lot about homes and real estate in our household!
I am dedicated to my family and my clients and truly enjoy being an advisor to those I work with! I hope to have the opportunity one day to add you to my list of clients and friends as I want to be the only "Central Florida Native You'll Need!"
I have consciously made efforts to extend my knowledge and experience to all clients, regardless of their price range or level of experience. I have successfully represented first-time homebuyers as well as clients selling or buying million dollar homes and every price range in between!
Because I have lived and worked in Seminole County and Orange County for more than 35 years, the areas I feel can best service clients are:
Lake Mary, Longwood, Sanford, Winter Springs, Altamonte Springs, Casselberry, Fern Park, Oviedo, College Park, Winter Park, Windermere, Winter Garden, Ocoee, Orlando and Apopka...all of which are in Central Florida!
Because I have school-aged children also, I particularily enjoy working with families with children. I am very knowledgable about the area schools, recreation opportunities, YMCA locations and other interests that families might have and can relate to those who have similar interests.
Although there are many directions one can take when having a real estate license, my areas of expertise are: Buyer representation & negotiation with new home construction; Buyer and Seller representation with their home, condo or townhome sale or purchase; Buyers and Seller representation with their luxury home & estate sale or purchase and Buyer representation for those seeking investment opportunities in the residential market.
For those interested in commerical property, property management, short and long term rentals, leasing, vacation homes and time share, I do not feel that I am the best agent to service your needs...but I am happy to refer you to an experienced and effective agent who does specialize in those areas.
I am a member of the National Association of Realtors, Florida Association of Realtors and the Orlando Regional Realtor Association.
I have advanced certifications as a Accredited Luxury Homes Specialist and as a Transnational Referral Certified agent.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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