Learn about Homeowner Programs and Foreclosures in Tampa, FL

Foreclosures in Tampa, FL are one of the things that many homeowners are facing. Just like the rest of the country, people have found themselves unable to keep up with their mortgage payments and foreclosures have risen. The majority of people do not know what a foreclosure entails – they just know they are about to lose their home.

If your home is one of the foreclosures in Tampa, FL, be prepared for this information to stay on your credit record for 10 years. In addition, it will be a permanent record in the county.

How does this affect your credit score? It will lower it from 250 to even more than 300 points and will have an effect on it for more than 3 years. A loan application later if you decide to purchase another home will include a Federally Mandated Standard Loan Application Form 1003.

This form asks if you have had property foreclosed on or given title or deed in lieu in the last 7 years. Of course, if it has been more than 7 years, you will not have to answer “yes.”

If foreclosures in Tampa, FL include your home you will not be eligible for a Fannie Mae mortgage for at least 5 years. Banks also have the right to try and collect on the deficiency judgment in foreclosures. The only exception is in non-recourse states.

If you have a position that requires a security clearance, it can be revoked due to foreclosure. This includes terminating yo u r p osition. In addition, if foreclosures in Tampa, FL include your home, you could lose your job even if it is not one that requires a security clearance. Your employer can check your credit if you are employed in certain sensitive positions within a company and a foreclosure could mean reassignment or being fired.

Another thing that employers often do when hiring for a position is to check the applicant’s credit rating. This can often mean you will not be considered for the position.

If you would like more information about foreclosures, please feel free to contact us at 813-421-5258 or visit our “Find a Local Counselor” page where you can send us a message.  We’ll get back to you right away!