A Short Sale Can Help You Avoid Orlando Foreclosures
Foreclosures have been on the rise across the United States, including the city of Orlando. One solution that's helping many homeowners to avoid foreclosure is to create a short sale on their home. A short sale means the lender will accept less than the full amount due on the mortgage when a homeowner sells their home.
Foreclosure occurs when a borrower defaults on his/her mortgage for a certain period of time and is unable to bring their account current with the lender. Mortgage back payments, late fees, attorney fees, property inspection fees, etc. can all add up in a hurry. These quickly eat away at the borrower's home equity and make it more difficult to keep up with the mortgage payments.
Typically, the borrower and lender both lose when a foreclosure occurs. The borrower loses their home and their good credit standing. The lender may lose up to 40 percent of the total mortgage due to added foreclosure expenses such as costs for court, eviction, attorneys, interest losses, property maintenance, selling the property, etc. A foreclosure is also a very lengthy process that can take up to two years in some areas. Therefore, it's easy to see why a short sale can sometimes offer the best solution for all parties involved.
Top Reasons for an Orlando Short Sale
Perhaps you are facing a tight situation with your home mortgage and are fearful that foreclosure might become a reality soon. Some situations that may merit a short sale include no upfront money or if there are fees due, if you owe more than your home is worth (upside-down in your mortgage), or if your payments have increased recently as a result of an adjustable rate mortgage. If you need to move very soon to a new area and are unable to afford the double payments, or if you suddenly become unemployed, these are valid reasons for a short sale as well.
Other situations that may call for an Orlando short sale are if you want to avoid credit damage or a default judgment from the lender, if your neighborhood has recently experienced numerous foreclosures (causing a decrease in property values), or if you're an investor that is overextended with payments or properties.
Short sales often present a viable solution to a problem that many homeowners face today. Luckily, there are certified short sale specialists that can help you through the entire process. These are often Orlando real estate agents that also specialize in Orlando short sales, Orlando MLS services, and Orlando REO (real estate owned) services. A specialist can help you negotiate with your lender to find the best possible route that will best guard your credit.
You can find help with a possible short sale from agents online to save time and money - and to hopefully avoid foreclosure. Search online for Orlando foreclosure specialists or Orlando short sale specialists to get the advice you need during these desperate times.
To learn more about subjects like Orlando foreclosures please visit the web site at: http://www.orlandorealtyexperts.com/Orlando_Short_Sales
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About the Author
+Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2013 (Fri Sep 26 2008) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource internet marketing web site at: http://www.majon.com