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:
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
Option 4: Rent the Property here
Options 5, 6 & 7 all involve refinancing or modifying of the borrower's loan, and that post can be read here
Option 8: Deed-in-Lieu of Foreclosure here
Option 9: Bankruptcy is the final option written in this series for a reason...to inform sellers that there are many other options they can and should consider if they are facing foreclosure.
While a bankruptcy may stop a foreclosure proceeding (which will allow the borrower time to reorganize their debt) the reality is that bankruptcy typically only stalls the foreclosure...it doesn't prevent it from happening.
The other reason why a bankruptcy may not be the best option is because it may hinder the sale of the property once the seller enters the bankruptcy process. For sellers who are trying to sell their home as a short sale, it is unlikely that any contract will be negotiated while the bankruptcy case is open...even though the sale itself may solve the financial stresses the seller is experiencing.
Before contemplating any one of the options above, Sellers should seek the advice of an experienced Real Estate professional and/or Real Esate attorney in their marketplace.
As a Certified Distressed Property Expert in Central Florida, I'd welcome the opportunity to talk with you or refer you to one of several reputable attorneys.
Facing foreclosure is scary...there is no reason why you should do it alone.
LaShawn Norden, PA, REALTOR, CDPE, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com
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LaShawn - I have thoroughly enjoyed this series and have learned quite a bit! You have done a fantastic job with this and the consumers in your area are so fortunate to have you as an advocate!