Foreclosure Terms and Definitions
Helping Lake Mary Homeowners Avoid Foreclosure Misinformation!
There is a growing concern among Seminole County homeowners who are worried about the possibility of their Lake Mary home falling into foreclosure. With the local Orlando media announcing growing numbers of foreclosure homes daily, misinformation and fear is rapidly spreading. Unfortunately, there is a general lack of knowledge in understanding what foreclosure is and how it occurs. Embarrassment and fear many times paralyze Lake Mary homeowners who fail to communicate in a timely manner with their mortgage company before it’s too late.
Educating Lake Mary Homeowners
Our first priority is that you have a clear understanding of some terms you hear tossed around both in the media and possibly from conversations you may have had with friends and family members. In this article we breakdown the definitions of these real estate terms in a very easy to understand fashion so you are a smarter consumer.
Lake Mary Foreclosure Terms Defined
Below are the terms typical used in conjunction with a foreclosure.
What is a Lake Mary Foreclosure?
Foreclosure is the forced sale of your home or condo to repay a debt.
What is a Lake Mary Short Sale?
Often discussed in association with foreclosures, a short sale allows you to sell your Lake Mary property for less than what you owe to the mortgage company.Your lender will determine if a short sale is a viable option.
Define a Deficiency Judgment
A deficiency judgment is defined as a court judgment that results when the defaulting borrower owes monies from the outstanding loan balance on the property and the amount of money received from the foreclosure sale.
Define Negative Equity or the State of Being “Upside Down” in Your Mortgage
Negativity equity occurs when the outstanding home loan on a piece of property exceeds its worth.
Define a Lake Mary REO Property
A Real Estate Owned (REO) property is acquired by a lender through foreclosure and held in inventory until sold.
Don't Wait - Take Action Today!
If you have missed a mortgage payment on your Lake Mary home stop what you are doing and contact your lender NOW! You can avoid foreclosure many times by simply calling your lender and working out a repayment plan. If you have receive notifications in the mail that the foreclosure process has begun, contact the Summers Realty Team and we will review your situation and provide viable options one of which may be a Lake Mary Short Sale. By the way, we promise to hold your contact information in strict confidence and we will never share, rent or sell your personal information - guaranteed!
Lake Mary Realtors, the Summers Team, will do our best to provide you with current and accurate information. However, we are not attorneys nor are we accountants. We strongly recommend you please consult with your attorney or CPA for further information and how this information may affect you personally.
Charles Rutenberg Realty is not associated with the government and our service is not approved of by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.