Tips to Avoid Foreclosure
With one of the highest foreclosure rates in the United States, many Florida residents are no strangers to needing help when it comes to keeping their homes. Because the state’s foreclosure process is mostly judicial, the lender is responsible for filing the appropriate paperwork with the courts, which can then take up to six months to work its way through the legal system. If you are in this type of situation and are at risk of foreclosure, it’s best to contact a Florida real estate attorney, who can review the options you’ll have to stop the foreclosure process dead in its tracks.
Contact the Lender
Due to the complexities of Orlando real estate law, contacting the lender directly can be the quickest way to stop foreclosure. Since banks don’t want to be in the business of selling homes, they may be willing to work with you to create a repayment plan.
Sell the Home
If you have decided you would rather sell the property, you can do so. However, if you choose this option, contact an experienced Orlando real estate attorney before doing so. Not only will they have a thorough knowledge of Florida real estate law, but they will probably know reputable real estate agents who can guide you through the process. But beware, if you sell your home, you may take a big hit financially. Under Florida law, your asking price will depend on where the property is located. For example, since Orlando has a high number of properties in foreclosures, you will be limited as to how much you can seek for your home.
Ask the Court for an Extension
If you can show the court you had a good reason for falling behind on your payments, such as a job loss or medical emergency, the court may grant you several extra months to get caught up. If you choose to pursue this option, always work with an experienced Florida real estate attorney who understands Orlando real estate law.
By contacting an Orlando real estate attorney, you may be able to find a silver lining in an otherwise difficult situation. A knowledgeable attorney at Nishad Khan P.L. can help you figure out your options and decide on the best course of action in your specific situation.