Are you trying to avoid foreclosure in Orlando, Florida? Do you need to stop foreclosure in Orlando, Florida, fast? At Mid-Florida House Buyers, we may be able to help! If you need to sell your Orlando, Florida, home fast to avoid foreclosure, we can make you a fast, free, no-obligation cash offer and buy your house quickly to help you stop foreclosure in Orlando, Florida.
How Does the Foreclosure Process Work in Orlando, Florida?
The foreclosure process in Orlando, Florida, starts when you begin missing payments. Your lender will most likely send you notices letting you know you’ve missed payments. They’ll also start tacking on late fees to your balance. If you cannot resolve the issue and make up the missed payments and late fees, your lender will move you into the pre-foreclosure phase. This 120-day pre-foreclosure waiting period exists because a foreclosure lawsuit cannot be filed until you’ve been delinquent on your mortgage payments for at least 120 days. You may receive more notices and letters from your lender during this time. This is a great time to consult a foreclosure attorney regarding your options.
Once the 120-day pre-foreclosure waiting period is finished, the lender will most likely issue a notice of default and file the summons, notice of lis pendens, and complaint with the county clerk of court. This marks the start of the judicial foreclosure process. Most houses go to foreclosure auction within 180-210 days of this time. If you haven’t acted yet, now is the time!
After your lender files the lawsuit with the court, you’ll be served with a copy of the summons and complaint by either the county sheriff or a private process server. The summons will give you 20 days to respond to the complaint filed against you. It is strongly recommended that you consult an experienced foreclosure attorney to help respond to the summons and complaint. If you do not respond, the court will issue a summary judgment against you and proceed with the foreclosure process.
The next step is the foreclosure auction, which will be scheduled after the final judgment of foreclosure has been issued. At this auction, your house will be sold to the highest bidder, which may be much less than what the home is worth. Once the house is sold at auction, you’ll have 10 days to vacate the property, or the new owner can file for an ejectment, which is similar to an eviction but faster. You’ll also face a possible deficiency judgment if the lender cannot recoup enough at the foreclosure auction.
As you can see, the foreclosure process in Orlando, Florida, moves very quickly, and you may only have a limited time to act. If you contact Mid-Florida House Buyers to stop foreclosure in Orlando, Florida, we are going to ask you, “Have you been served with papers yet?” or “Are you late on your payments?”. That’s because it makes a big difference in terms of timeframe.
So, you have a house in Orlando and must stop foreclosure fast. You may or may not have been served with foreclosure papers yet, but the process is moving closer and closer to the foreclosure auction. What do you do to stop foreclosure in Orlando, Florida?
How to Stop Foreclosure in Orlando, Florida
When it comes to stopping foreclosure in Orlando, Florida, you have several options. As stated above, always consult an experienced foreclosure attorney before making any major decisions. We’re not attorneys, and nothing on this page should be taken as legal advice!
Option 1: Strategic Default.
A strategic default usually means walking away from the house, letting the bank foreclose on it, and taking it back. This is generally done with the assistance of an experienced foreclosure attorney. For most people, it’s not a great option to stop foreclosure in Orlando, Florida. A strategic default will damage your credit, you won’t be able to get another mortgage for up to seven years, and you could be liable for a deficiency judgment. A deficiency judgment can be obtained if the bank is still owed money after they get the house back through foreclosure and sell it. The bank can sue you again for the money they’re still owed and obtain a deficiency judgment. Overall, strategic defaults are not a great option.
Option 2: Strategic Foreclosure or Deed-In-Lieu of Foreclosure.
A strategic foreclosure or deed-in-lieu of foreclosure is a way to stop foreclosure in Orlando, Florida, in which you agree with your bank to give them back the title to the house. This usually involves an agreement that they will not pursue a deficiency judgment against you at a later date. You will most likely want to get help from an attorney if you try this, as the process can be complicated. In some cases, your credit score may still be impacted.
Option 3: List your house with a real estate agent.
Another option, if you are trying to stop foreclosure in Orlando, Florida, is to list your house with a real estate agent. Listing with a real estate agent is not the fastest way to stop foreclosure in Orlando, Florida. Still, it can be a good option if your house is in excellent condition and you have plenty of time left before the foreclosure auction.
Even if your house is priced right, you’ll still need to be prepared to wait at least 90 days for your home to sell, sometimes longer. If you’re not careful, this can put you right up against the foreclosure auction. Many houses actively listed with real estate agents go to foreclosure auctions because they were not sold in time.
You’ll also need to be prepared to repair the house if the buyer’s lender requires them. This can become a significant issue if your home is not in great shape. Most folks going through foreclosure do not have the cash to make repairs like a new roof, electrical panel, A/C system, etc. when the buyer’s lender requires them for the house to sell.
If your house is in great shape and you have plenty of time to sell, listing your house with a local real estate agent can be an excellent way to stop foreclosure in Orlando, Florida. If you need a great local real estate agent, contact us! We can put you in touch with the area’s number-one real estate team. We work with them regularly, and they specialize in selling houses as quickly as possible while still getting the most money for their clients.
Option 4: Short Sale.
If you owe more on your mortgage than your house is worth, a short sale may be an excellent option to stop foreclosure in Orlando, Florida. A short sale is the process of selling your home for less than what you owe and agreeing with your lender so that they will accept that amount as the payoff. You’ll want to find a good attorney to help you with this process, as well as a real estate agent experienced with short sales. Short sales often take a long time to complete. Many properties listed with real estate agents as short sales end up going to foreclosure auction because they could not complete the short sale in time. Short sales involve a lot of paperwork, a lot a red tape, and they often fall apart before the deal closes.
Option 5: Sell your house to a cash home buyer in Orlando Florida.
Most homeowners going through foreclosure do not have the cash to repair the house to get it sold, and they often have a limited amount of time to sell. In cases like this, selling your house to a cash home buyer can be a great option to stop foreclosure in Orlando, Florida.
As cash home buyers in Orlando, Florida, we can purchase your house in its current condition. You won’t have to make any repairs or updates. We can also pay you cash and close quickly, often in as little as 7 days! We also offer a guaranteed closing, so you won’t have to wonder if we will back out of the sale and leave you to face the foreclosure auction. This can be a great option if you have limited time to sell and your house is not in excellent condition.
If you’re looking to stop foreclosure fast in Orlando, Florida, contact us today and get a fast, free, no-obligation cash offer on your house.
Option 6: File for bankruptcy.
Bankruptcy should only be used as a last resort!
Unfortunately, many people are filing for bankruptcy to stop foreclosure in Orlando, Florida. Sometimes, bankruptcy stops foreclosure permanently, but often, it delays the foreclosure until later. If you decide to file bankruptcy, you’ll want to consult an experienced bankruptcy attorney for advice and assistance. Bankruptcy can be very complicated, and it’s not something you want to try on your own.
Bankruptcy can also have long-term negative effects on your life. It can stay on your credit report for up to 10 years and make it impossible to get loans, use credit cards, or rent a house. Bankruptcy should only be used as a last resort and is not an easy way to stop foreclosure in Orlando, Florida.
Ready to Stop Foreclosure in Orlando, Florida?
If you’re ready to stop foreclosure in Orlando, Florida, contact Mid-Florida House Buyers today! If you need to sell your house fast to avoid foreclosure, we can make you a fast cash offer and close quickly, even if your home needs repairs or updating. If your house is in great shape and you have plenty of time to sell, we can put you in touch with the area’s number one real estate team. Either way, we’ll look at your situation and point you in the right direction. Don’t wait to stop foreclosure in Orlando, Florida! Reach out to us using the form below and get help today.