Orlando Investment Property Foreclosure Attorney
When the housing market was booming, it created opportunities for thousands of investors in residential and commercial real estate throughout Orlando and central Florida. As the market started to decline, investors still faced high association fees, and management and maintenance fees that made it impossible for them to stay current with their mortgage payments. If you are an investor who is facing foreclosure, you need legal help. Our Orlando investment property foreclosure attorney can provide it.
The Benefits of Avoiding Foreclosure on Investment Properties
If your lender has started foreclosure proceedings, or you believe they are about to, you may think it is a viable option. This is particularly true if you do not mind walking away from the property. However, there are many reasons why you should try to avoid foreclosure.
Florida is a judicial foreclosure state. This means your lender will have to file a lawsuit against you and all parties involved will have to appear in court. Scheduling a foreclosure hearing can take a great deal of time. Until your hearing, the title to the property remains in your name. You will continue to have to pay association dues, fines for code violations, and maintenance and management fees until the foreclosure is final.
How to Avoid Investment Property Foreclosure
Learning that your investment property is facing foreclosure is very stressful. Fortunately, there are ways to avoid it. These include:
- Loan modification: If your lender approves a loan modification, you can change one or more terms of your current mortgage. A loan modification can help you reduce your interest rate, extend the life of the loan, and even change the principal balance. If your lender does not approve a loan modification, you may also be able to modify a Freddie Mac or Fannie Mac loan through their Flex Modification program.
- Short sale: A short sale allows you to sell the investment property for less than what you currently owe on the mortgage. Lenders must also approve a short sale. They are also more likely to pursue a deficiency judgment against you when the property involved is an investment property. A deficiency judgment will hold you responsible for paying the remaining debt the short sale did not cover.
- Deeds in lieu of foreclosure: With a deed in lieu of foreclosure, you voluntarily transfer the title on the property to the lender. Generally speaking, a deed in lieu of foreclosure releases the borrower from the property entirely. If the value of the property is significantly less than what you currently owe, though, the lender may still pursue a deficiency judgment.
Our Investment Property Foreclosure Attorney in Orlando Can Explain Your Options
You have many legal remedies that can help you avoid a foreclosure on your investment property. At Florida Law Advisers, P.A., our Orlando investment property foreclosure attorney can explain what these are so you can determine which one is right for you. Call us today at 1 (800) 990-7763 to schedule a consultation with our experienced attorney.