Can I Sell My Home While Going Through Foreclosure In Orlando FL?

Falling behind on your mortgage payments is nothing to be ashamed of. In fact, the number of people facing foreclosure has steadily risen since the start of the pandemic. If you are currently facing foreclosure in Orlando, FL, keep on reading to get familiar with some options available to you.

This option may be unsavory but selling the house is often the best way to go when facing foreclosure in Orlando, FL. This allows you to earn the money you need to pay back your lender before the foreclosure process is completed and your home is repossessed. Apart from losing your home, failure to pay back your lender can result in a significant drop in your credit score which will make it more difficult for you to apply for a future credit card, auto loan, and mortgage.

Sell Through a Real Estate Agent

If your home still has significant equity (meaning the home’s value is more than what you owe your lender), you can sell your home through a real estate agent. Now you get to use the sales proceeds to pay back your lender. Selling through a real estate agent will only work if you start early enough. This process can take a significant amount of time, you need to start as soon as possible so you can sell the home before the lender forecloses on your property.

Short Sale

If your home is worth less than what you owe, or you’re trying to beat the clock and need to sell your home quickly, another option you can look into is a short sale. For this type of sale, you need to first ask for your lender’s permission.
In a short sale, you sell your home for less than what you owe the lender. If they agree to this set-up, you will essentially fall “short” on how much you should be paying, hence the name. Although a commonly used tactic, not many lenders are in favor of this. Because they will be losing money with this sale, lenders are not very keen on giving borrowers their blessing to conduct a short sale. However, some lenders may prefer short sales over complete foreclosure, as it allows them to get at least some of the money back and allows them to avoid having to auction off the property.

Sell to a Professional Home Buyer!

If the clock is quickly running out and you need to sell your house right away, you can do so by selling it to a professional cash homebuyer.
Don't be afraid to reach out to those type of companies. They are for the most part small business and love to work with people seeking the help to offload their house. They buy houses from individuals in just about any situation including foreclosure, behind on mortgage payments or just need cash fast. Contact them and ask questions to see how ya'll can work together!