There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.

It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing.

To get caught up, you may want to read the 9 Option Summary here.

Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here, Option 3: Sell the Property here and Option 4: Rent the Property here.

OK...now that you are caught up on the first 4 Options available, it's time to get to the next three Options, which I have included in this single article as all three relate to the mortgage on the property.

Option 5: Refinance the Property-Unless the borrower has equity in the home, sufficient document-able income and decent credit, a traditional refinance will not work. Because declining values are the "norm" in many areas in Central Florida, I would suggest contacting a Real Estate professional in your marketplace to ask their opinion of the value of the property BEFORE calling the mortgage holder. If the value of the property is a concern, it's better to find that out upfront.

Option 6: Morgage Modification-A "modification" is similar to a refinance in that the borrower would need to prove their income (ie: their ability to re-pay the loan). If they can, their mortgage holder may offer to extend the length of the loan (15 year mortgage to a 30 year mortgage...or some other variation) or they may agree to lower the interest rate on the existing loan in order to lower the monthly payments so that the borrower can afford them. Some mortgage companies/lenders may also reduce the loan amount due...which is Option 7 below, a Short -Refi.

Option 7: A Short-Refi-While not being offered by many lenders yet, there are a few who have recognized the need to reduce the principal loan amount for a borrower in order for them to be able to maintain the payments and avoid foreclosure. In order to qualify for this type of modification to the loan terms, the borrower would need to prove a hardship in paying the current mortgage as well as an ability to pay the new "proposed" mortgage amount.

While there are many companies who have jumped feet first into the "modification" pool, I would caution borrowers to first contact their OWN mortgage holder before seeking outside resources. In the event the borrower's OWN mortgage holder doesn't offer any of the above options, only then would I seek referrals to other modification companies...and when doing so, be extremely careful. Google their company name, contact the BBB in your market and ask for them to give you references.

For a list of mortgage lenders who have been in business for years and have positive reputations with both Real Estate professionals and consumers alike, please email me at LaShawn@LaShawnNorden.com

The final two options for Central Florida sellers who are facing foreclosure are Deed-in-Lieu of Foreclosure and Bankruptcy and each will be reviewed in single article format this coming week.

To make sure you get them first, subscribe to my Blog. As a dedicated Real Estate agent who is not only experienced, but professionally educated regarding distressed properties, I'd welcome the opportunity to answer your questions and to help you determine if any one of the options shared are suitable for your personal situation.

LaShawn Norden, PA, REALTOR, (321) 377-1057, www.LaShawnNorden.com

Certified Distressed Property Expert (CDPE) & Accredited Luxury Homes Specialist (ALHS)