Is Another Wave of Foreclosures on the Horizon in Orlando?

Florida has been hit hard by the foreclosure crisis. Many in the Orlando area wonder when the glut of foreclosures will work their way through the system and home prices will stabilize. In March, Orlando experienced an increase of almost 50 percent in foreclosure filings. Florida had the second highest number of foreclosure filings in the country during the first quarter of 2012. The Orlando metro area reported 2,997 foreclosure filings in March. That means that one in every 314 homes had received a foreclosure-related filing. A foreclosure proceeding includes notices of default, auction notices and bank repossessions. However, a homeowner may be able to successfully fight foreclosure if the bank committed errors in the foreclosure process. Consulting an experienced foreclosure defense attorney is one way to find out whether any errors exist. Even if when the process has been handled correctly, other options are available. Some of the options that exist for those who are facing foreclosure include: Reinstatement Forbearance Loan modification Renting Bankruptcy, refinance and sale Each option has benefits and drawbacks. For example, reinstatement is one of the simplest options for those facing foreclosure. In a reinstatement, the homeowner only needs to request the amount that is due on that date, and does not need the lender’s approval to reinstate the mortgage. For a mortgage to be reinstated the homeowner must be able to pay the amount that is in default, usually several mortgage payments, and any fines or late fees. Homeowners can reinstate a mortgage up until the day before the foreclosure sale. The right course of action depends on your particular facts and situation. These options...
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