What Homeowners in Orlando Can Expect During the Foreclosure Process – If the possibility of foreclosure looms over your property due to circumstances beyond your control, the best course of action is to engage with your lender to find a resolution before the situation escalates. Nevertheless, navigating the foreclosure process becomes more manageable when homeowners have a clear understanding What Homeowners in Orlando Can Expect During the Foreclosure Process of the steps involved. In this guide, we’ll delve into what residents of Orlando can anticipate throughout the foreclosure process, providing valuable insights for a more informed approach.
Default
Lenders recognize that residents of Orlando might face temporary financial challenges, often allowing for a grace period in such situations. However, if you’ve fallen behind and viable options seem scarce, anticipate the lender reaching out through various channels during the foreclosure process. Their aim is to engage in dialogue and explore payment arrangements to prevent further actions.
Notice of Default
During the foreclosure process, lenders will serve homeowners in Orlando with a notice of default, providing a 90-day window to address the outstanding payments..
Mortgage Reinstatement
For homeowners in Orlando navigating the foreclosure process, catching up on past-due payments, including interest and penalties, allows them to halt the process. Working with the lender to reinstate the mortgage ensures a return to regular payment schedules.
Notice of Sale
Following the 90-day period post-notice of default, the foreclosure process for homeowners in Orlando progresses to the notice of sale. Within the subsequent 21 days, the trustee (the lender) will auction the property, marking a crucial stage in the foreclosure proceedings..
Auction
The culmination of the foreclosure process for homeowners in Orlando is the auction. The winning bidder is required to make an immediate payment for the property. In the event that the home doesn’t sell at the auction, it transforms into an REO (Real Estate Owned) property, reverting to the lender. If you haven’t vacated the premises, the buyer is likely to initiate eviction proceedings. In the case of an REO, the lender may extend assistance with relocation, potentially offering cash for keys to facilitate a smoother transition.
Consider Another Option
For homeowners in Orlando facing foreclosure, there’s an alternative: a direct sale to local professional buyers like those at Investment Capital Home Buyers. The experienced team at Investment Capital Home Buyers will outline the potential expenses and your estimated profit if you were to list your property. They will share insights into the average days on the Orlando real estate market. Subsequently, the professional buyers at Investment Capital Home Buyers will present you with the figures used to formulate their direct purchase offer, emphasizing its fairness. Moreover, a guaranteed closing date, often within days, will be provided. At Investment Capital Home Buyers, we follow this approach for two reasons. First, we aim for you to make an informed decision that aligns with your best interests. Second, as your neighbors in Orlando, we are part of the community, striving for your satisfaction long after the closing table experience.
Investment Capital Home Buyers
Selling directly to Investment Capital Home Buyers can be a game-changer for homeowners in Orlando facing foreclosure, offering a solution that saves both time and money. Opting for a direct sale eliminates commissions, closing costs, and hidden fees. At Investment Capital Home Buyers, we prioritize complete transparency and a no-pressure approach. Furthermore, our policy involves buying houses as-is for cash in Orlando, meaning you can skip the expenses and efforts associated with prepping, repairs, or cleaning. With a direct sale to a professional buyer from Investment Capital Home Buyers, you even have the flexibility to choose your closing date. Discuss your preferences with us at Investment Capital Home Buyers, and let’s work out the arrangements that suit you best. Call (407) 604-1054 to connect with Investment Capital Home Buyers.