Good News for Orlando Homeowners in Foreclosure: You are OK with landlords

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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.

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