Karen Arbutine & Associates

Options for Homeowners Facing Foreclosure

Mon, Jun 16, 2008 at 10:47AM

When the residential real estate market was hot, many buyers with low credit scores got full financing based on an adjustable-rate-mortgage (ARM), where the interest rate stays low for two to three years and then rises afterwords.  Skyrocketing property taxes and homeowner's insurance in Florida also pushed most subprime borrowers over their limits when their intrest rates adjusted.  Lending guidelines tightened and stressed homeowners were unapproved for refinancing or home equity loans.   As a result, foreclosure filings have soared.  Florida households are among the top foreclosure rates nationwide. Homeowners facing foreclosure may want to consider an auction to sell the property quickly.  Try to work with the lender and work out a payment arrangement,  extension or a modification allowing the borrower to pay the intrest only for a short time.  The borrower may also want to consider giving the lender the property title in order to lower the legal fees involved with the foreclosure process.

Bookmark & Share

User Comments

Be the first to comment on this post below!

Popular tags on this blog

Awards & Recognition | Central Florida New Home Construction | central florida news | Client Appreciation | Entertainment | Finding Your Dream Home | Foreclosures | Golden Oak Real Estate | Heathrow FL News | Hot 100 Realtor Hall of Fame | Housing Market | Karen Arbutine | Longwood FL Home for Sale | Longwood FL News | Luxury New Home Construction | Memorial Day | Mortgage News | New Home Construction | Orlando FL Economy | Orlando Luxury Homes | RE/MAX | Real Estate Myth | Real Estate News | Sales Tax | Selling Bonus |

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: My Florida Regional MLS (updated 8/16/18)
Read Our Blog

- OR -

Advanced Search 

Read Our Blog

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2015 getorlandorealestate.com - all rights reserved. | Site MapThe Lake Mary / Heathrow Florida Real Estate Blog

More Central Florida Real Estate