449. What to Expect When You Receive a Foreclosure Notice in Orlando FL and How You Can Prevent It

Are you in Orlando, Florida and facing a foreclosure notice because you have not been able to keep up with your mortgage payments? It can be a stressful time for you and your family. But keep in mind that you are not alone. According to ATTOM Data Solutions, 933,045 foreclosure filings were recorded in the United States in 2016, which was a 14% decrease from 2015 and the lowest amount since 2006.

The first thing to do when you receive a foreclosure notice is to stay calm and consider your options. We are your local Orlando, FL home buyers, and we offer cash for houses in Orlando FL.

Here are some steps you can take:

1. Contact Your Lender

Do not ignore the foreclosure notice. Contact your lender to discuss your financial situation and how they can help you. You should read through the notice carefully and look for what is being requested and the timeline for it to be done. By talking with your lender, you show that you are paying attention to their notice and working to resolve it.

2. Consider Your Options

After talking with your lender, think about the different options you have. Foreclosure is not an immediate process, and you may have time to work through it with your lender. Some of your options include special forbearance or making a mortgage modification. If your lender allows it, special forbearance can be an option if you demonstrate an unexpected increase in bills or the loss of a job. A bank will reduce or suspend your payments to help you get back on track with your mortgage. When your mortgage terms are modified, your lender may extend its term to lower your monthly payments for a longer period of time.

3. Pre-Foreclosure Sale

If you cannot make the payments or modify the mortgage, your lender may allow you to sell your home to avoid foreclosure. However, the appraised value of your home must be at least 70% of what you owe on it, and the sale price must be 95% of the appraised value. These requirements help to protect your lender in this situation. Your loan must also be at least 2 months delinquent prior to the closing date of the sale.

4. Facing a Lawsuit

If you are unable to come to an agreement with your lender and cannot complete a pre-foreclosure sale, you may face a lawsuit. This can be a costly and time-consuming process. Your lender will file a complaint, alleging that you are in default of your mortgage and requesting that the court award them the home in question. You would then have 15 to 30 days to respond to these allegations or risk having your house awarded to the lender by default judgment.

A foreclosure notice can be scary, but it does not necessarily mean you will lose your home. How you handle the notice will determine the end result. Be sure to follow our blog for tips and advice on home ownership in Florida.

Sell My House in Orlando FL

Are you looking to sell your house quickly in Florida? If so, we can help. We are 123SoldCash.com, a team of local homebuyers operating in Orlando, FL. Our goal is to make the sale of your home as hassle-free as possible. If your house meets our criteria, we will provide you with a fair cash offer without delay.

Feel free to contact us at (786) 904-1444 for more information or if you have any questions. Alternatively, you can fill out our online form and we will get back to you promptly.

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