Foreclosure Education

Foreclosure Information for At-Risk Homeowners

Foreclosure Education

If you are a homeowner in Orange County and are having difficulty making your mortgage payment, you are not alone. Florida consistently ranks as one of the top states in foreclosures. A recent RealtyTrac study finds 1 in every 400 Florida homes is in foreclosure. In Orange County, the numbers are even higher, with 1 in every 253 homes in foreclosure.

If a change in job status or other life-altering event is causing you to miss your mortgage payments, you are considered at-risk of foreclosure. Time is of the essence. Click through these pages and watch the videos to understand what foreclosure is and what it potentially means for you and your ability to stay in your home.   

What is Foreclosure?
Foreclosure is defined as a legal process by which a bank or lender attempts to recover a property as a result of the homeowner’s failure to make payments.

Where Do I Begin?
The answer may be simpler than you think: start by contacting your lender. Most experts agree that contacting your lender at the first sign of trouble is your best chance to learn what foreclosure alternatives are available to you based on your circumstances. Avoiding your lender will only increase the likelihood that you will enter into foreclosure and possibly lose your home. 

Be persistent. As the old saying goes, “if at first you don’t succeed, try, try again.” Many lenders are dealing with a high volume of homeowners at-risk of foreclosure or in foreclosure and may not immediately respond to your initial request. Keep trying. Your lender is your first, best option to resolve your mortgage issue.

Remember, there are no easy answers. If you are a homeowner facing foreclosure, know that saving your home will not be easy – or necessarily straightforward. The good news is there are steps you can take right now to work with your lender and improve your chances of avoiding foreclosure altogether.