Stop The Foreclosure Process

Facing Foreclosure? If you are facing foreclosure the best advice we can give you is ACT NOW!

In Florida, lenders may foreclose on a defaulted mortgage by going through court action. If this claim is tried in court, it will be tried without a jury. This process usually takes about six months. A Lis Pendens will be sent out to the homeowner. This is usually sent out when the mortgage is about three months past due (this timeframe depends on how quick the bank acts). The Lis Pendens is the document that notifies the homeowner of pending lawsuit. The Lis Pendens will be filed at the courthouse in the county in which the house is located.

After the courthouse sale takes place, the lender may obtain a deficiency judgment. This means that the borrower may be personally liable if the foreclosure sale does not bring in enough money to cover the debt. Going through a foreclosure can be a confusing and lengthy process. We may be able to help you avoid going to court and making costly mistakes which can ruin your credit and good name for years.

Not only can Foreclosure mean the loss of your home, it can also mean you may never be able to qualify for a loan again. You may never be able to buy another home. You might not be able to take out a loan for your child's education. You may not even be able get a credit card again.

Many people facing foreclosure simply do nothing and hope for a miracle. Don't fall into that trap! Some homeowners seek advice from a lawyer (and why not - a lawyer is supposed to have all the answers, right?) Maybe but then maybe not!

Some homeowners act on their lawyer's advice and file bankruptcy thinking that all their problems are now solved. Bankruptcy does put a hold on everything, yes, but all it buys you is a little time. The end result is almost always the property still goes to auction and you now have a bankruptcy in addition to the foreclosure on your credit report.

In almost ALL cases, the best thing for a home owner to do when in foreclosure (assuming that the home owner's loss of income is not temporary), is to SELL THE PROPERTY!

You will have avoided having a foreclosure and possibly a bankruptcy on your credit report. You can now get on with your life without this Major Problem!

What if you cannot sell because you owe more then what the property is worth?   A common problem in today's real estate market.

Contact Freda Realty.  What Does Freda Realty Do? - We negotiate directly with your lender to accept less then what is owed on the mortgage (Short Sale ) allowing us to proactively market the property at a discounted price to over 30,000 Central Florida Realtors who work with over 80% of today's buyers.

What is A Short Sale? - A short sale is the process in which the proceeds of the sale fall short of what the owner still owes on the mortgage.  Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage paymnets.

Why Would A Lender Agree To A Short Sale? - A lender would rather take a discount on the loan today instead of going through the long costly foreclosure process.  On average a lender stands to lose $58,000 per foreclosure.  It is Freda Realty's jod to demonstrate to the lender it is a better financial decision to take X amount of dollars today then continue with the foreclosure process.

Why You Should Consider A Short Sale? - Save your credit!   In our credit conscious society late payments on your credit report is less severe then showing an actual foreclosure or bankruptcy.  All real estate fees are paid by the lender...you have no out of pocket expense!

I'm sure you have been contacted by investors, especially if the foreclosure has gone public. Unlike investors, Freda Realty will not take advantage of your unfortunate situation. We simply figure out a mutually beneficial solution so you can move on with your life!

Time is your enemy! If your house payments are more than a month or two behind, your lender has probably already started foreclosure proceedings. As time passes thousands of dollars in penalties and legal fees can be added to the balance you owe. And every single day extra interest is added! The longer you wait, the harder it is for us to help you. To avoid this you must act quickly. To learn more about Freda Realty's Short Sale Process and  discuss how it may help you in your particular situation please contact us today at 1-800-825-9938 Ext., 300 or e-mail your questions to info@FredaRealtyOrlando.com

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