Foreclosure. It’s a word that elicits feelings of fear in the hearts of most homeowners. In 2019, Florida saw an increase in foreclosures even as, nationally, they were decreasing. Given the economics of 2020, most professionals believe that foreclosures will depress prices in Orlando and the rest of Florida for the foreseeable future. Perhaps even sadder than the foreclosures themselves is knowing that every person could avoid foreclosure and sell their house Orlando.
Nobody ever has to have a foreclosure on their record. If you’re facing foreclosure, here’s how you can avoid it!
The Foreclosure Process in Florida
The foreclosure process in Florida is usually reasonably lengthy, taking an average of 8 to 14 months. It all starts with the first missed payment on your mortgage. The bank will contact you and ask you to make it up. After 120 days from the first missed payment date, the bank will begin formal foreclosure proceedings.
Florida is a judicial foreclosure state, meaning that the bank needs to file a formal lawsuit to foreclose on your home. They need to serve you the case, and you get the opportunity to file a response. There are valid defenses to foreclosures (such as an error in the process or the bank’s system having a mistake that causes it not to record the payment correctly). Not having the funds to make the payments, though, is not a valid defense.
After you receive the lawsuit, there’s a period of discovery where both sides can gather facts about the case. Once the bank believes that it can get a judgment in its favor, they’ll ask for summary judgment, after which the court will set the sale date. After the sale, the new owner files for a writ of possession, and then it’s all theirs!
There are more nuances to each of these steps. However, at a high level, this is the entirety of the foreclosure process in Florida.
Avoid Foreclosure and Sell My House Orlando
Two fascinating aspects of Florida foreclosures are that:
- As judicial foreclosures, there are always opportunities to file a motion to stay or pay off the loan before the final sale happens.
- Florida permits redemptions up until the click files the certificate of sale.
These two facts mean that, as long as you can pay off the loan and legal fees before the sale process happens, you can almost invariably avoid foreclosure.
In other words, you can avoid foreclosure and sell your house fast in Orlando. By selling as quickly as possible, you’ll pay off the loan and can walk away without that as a derogatory mark on your credit. A foreclosure can lower your score by as many as 85 to 160 points for seven full years. You don’t want that, especially if you plan on rebuying a house in the future.
If you go with a traditional real estate agent, you may not get the sale done fast enough to avoid foreclosure, depending on where you are in the process. It takes at least 90 days, usually, from start to finish, to sell with a real estate agent. That’s not even factoring in the time to make repairs, if necessary.
Sell To A Cash Buyer
A cash investor can buy your home as-is and write you a check within a week or two, which you can use to avoid foreclosure and sell your house in Orlando. With a cash investor, you’ll receive an all-cash offer for your home. That means no repairs, no long listing times, etc. for you. All you need to do is accept the offer, sell your home, and take whatever’s left to start your new life. A cash investor can pay off the loan and let you walk away from the property, with as minimal damage to your credit score as possible.
Therefore, if you’re facing foreclosure, don’t wait! Contact us today, and we’ll help you avoid foreclosure and sell your house fast in Orlando!