Many Orlando homeowners are experiencing the trauma of loosing their homes in foreclosure. I see this in my practice every week – there’s no doubt that toxic mortgages, job loss, and other circumstances that have created a foreclosure crisis in the Orlando housing market. Often with the help of an attorney who helps them defend the mortagage foreclosure, some homeowners are trying to stay in their homes as long as possible. But what happens when they are unable to work things out with my mortgage lender? Here’s some good news for you: A very large majority (82%) of independent landlords say that they would rent to an individual or family that lost a home in foreclosure, if it was part of recent bad luck, like the loss of a job. These were the results of a survey by the National Association of Independent Landlords, the county’s larges provider of services for small landlords. Landlords are clearly taking current economic conditions into account and giving resposible applicants an opportunity to find a new home. These landlords recognize that those who have owned homes in the past are responsible and have an interest in caring for their home. They are willing to see these individuals as better credit risks, as compared to those applicants who demonstrate a more lifelong pattern of finacial irresponsibility.
Orlando landlords may not be in a position to negotiate: Forbes has recently reported that Orlando is now ranked no. 1 as America’s “Emptiest Cities.” Orlando placed first because it had the highest vacancy rates in country for single-family homes and apartments. This means lots of options for former homeowners in search of new living arrangements.
Those of you who are going through this depressing phase, know that you are not alone! By finding a new home to rent, you will begin the process of re-building your credit by renting instead of owning. It is likely that through the process of credit repair, you will be in a position to re-apply for a mortgage home loan in a period of two to four years from a bankrutpcy or foreclosure. If you are a homeowner in the Orlando area who is wondering about your options, e-mail or call my office to arrange for a free consultation to discuss your options for dealing with mortgage foreclosure.