We Buy Houses in Orlando Florida
Short Sales in Orlando Series overview
In Lesson 1 the definition of a short sale was established. The homeowner negotiates with their lender to sell the property less than what is owed. If the lender agrees then you have a short sale. Although the definition is very simple, the process and results are quite complex. Complex in terms of time, guidelines, negotiations, paperwork, parties involved, closing, patience, and emotions. We will begin to simplify the complexities of the short sale.
The Foreclosure Process in Florida
Note: This article describes the foreclosure process in Florida. Because the foreclosure and short sale process are closely connected, please be sure to understand your state foreclosure process and laws. The short sale process will be slightly different based on the foreclosure process in your state.
In order to have a positive outcome using the short sale option, one must first understand the Florida foreclosure process. Many folks are terrified of the court system. Who is to blame them with judges, lawyers, court houses, and legal jargon (legalize). The first step to reduce the fear factor is to be knowledgeable of the court system foreclosure process and understand some of the terms involved.
Typically after 3-4 months of not making payments to a mortgage lender, the lender will file Lis Pendens against the borrower. This marks the beginning of the foreclosure process in the state of Florida. At this point the lender's attorney is involved and begins to file all the legal paper work. One paperwork requirement is to serve all the defendants of the case. When you are served make sure you follow the instructions to respond to the summons. When all parties have been served Lis Pendens then a Notice of Hearing is scheduled or known as the Hearing Date.
On the Hearing Date, the assigned judge will hear both plaintiff and defendant of the case. The outcome of the Hearing Date is to schedule a Sale Date on the property. The plaintiff is represented by their attorney and the attorney will request 30 days to set the Sale Date. The judge will turn to you and listen to your story. You may or may not be represented by a lawyer. Odds are if you are in foreclosure you cannot afford a lawyer to represent you. You present your case to the judge and request for as much time as possible to make amends with the lender. You must tell the judge you are working a short sale with the lender and you need additional time to close your buyer.
Once plaintiff and defendant present their case, the judge will determine the Sale Date. Depending how well you presented yourself to the court, this will determine how much additional time you receive to sell the property. If you do not appear at the Hearing then the judge will set the Sale Date in 30 days.
The Sale Date is the day your house goes to auction. This typically occurs on the court house steps and your house will be auctioned off. The lender may or may not find a buyer. Either way you have less than a week to vacate the property. So be prepared with a plan to move to another home which will be discussed in another lesson.
In summary the foreclosure process has a few major steps. Lis Pendens, Hearing Date, and Sale Date. The main point when dealing with the court system is to respond quickly and responsibly. This is where many folks fail in the short sale process. You must present yourself as a person who has a hardship and you are working with the lender to resolve the loan default. The court system looks favorably on folks being responsible and for the most part will have sympathy for the homeowner. The banks were bailed out, so why can't you also get a bail out utilizing a short sale. We will coach you through the foreclosure process and hearing in front of the judge. Our services are always free to homeowners facing foreclosure.
Now that you have a base understanding of the legal foreclosure proceedings, the next Short Sales in Orlando Florida lesson we will next discuss the short sale process and how it fits in with the legal process.
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