Florida Short Sales

The current mortgage and financial meltdown is appearing to subside some; relief is in the works for Floridians at Remax Elite/McCoy Freeman in Central Florida.

With its combined 40 years of business and real estate experience, Remax Elite is working with homeowners to avoid the foreclosure epidemic that is sweeping America and especially Florida.

According to co-founder Bobby Freeman, the company works with mortgage service providers to help mitigate loan losses and keep Florida families in their homes when “possible and appropriate.”

Freeman suggests that homeowners should not panic just because they are facing foreclosure or because their home is worth less than their mortgage. Walking away or simply allowing your home to be foreclosed upon is not the right decision as there are plenty of options out there to assist a homeowner in these trying times states Freeman. According to Freeman, that would be a big mistake” as loss mitigation is generally less costly for banks, particularly when undertaken early in the process.

Employees at Remax Elite, which services owners in Florida and nationally, help their clients implement such strategies as loan modifications, deferral of payments, extension of existing loan terms, short sales, and conversion of adjustable rate mortgages into fixed rates.

“A foreclosure on your credit report is sometimes worse than a bankruptcy and there is a better way, a short sale,” noted co-founder Jennifer McCoy. A short sale can be the saving grace for many Florida homeowners facing foreclosure due to the tightening credit squeeze and falling home values.

The fact is that banks are highly motivated to short sale properties that are worth less than the mortgage especially if they are currently behind because foreclosure proceedings cost them money that they may not be able to recoup. “Banks are in the business of lending money, they have no desire to be landlords or own your home,” concludes McCoy.

Visit us today to receive free information on how a short sale or loan modification may save your property from foreclosure.