Ways to Stop your Tampa Bay Foreclosure

If you are worried about your home becoming a Tampa Bay foreclosure, there are ways you can stop this from happening if you do not wait too long. The lender will file a Notice of Default so, do not delay. They may not want to work out a repayment schedule once foreclosure proceedings have actually started. In order to save your home from becoming another Tampa Bay foreclosure, you must contact the lender as soon as you know you are going to miss a payment.

There are certain options you may have to stop the foreclosure.

• Sell your home. This should be done as soon as possible. Contact a real estate agent and get the home on the market before it becomes a Tampa Bay foreclosure. Once this happens it is too late. The home has a better chance of selling the sooner you get it on the market.

• A short sale might be the best option to keep your home from becoming a Tampa Bay foreclosure. This is contingent upon approval from the lender, who will have to cooperate. The selling price is usually lower than what is owed on the home. This is known as a pre-foreclosure redeemed.

• A deed in lieu of foreclosure is when you deed the home back to your lender to keep it from being another Tampa Bay foreclosure. The homeowner will have to give their lender a notarized deed and the lender will forgive the debt. This cancels any foreclosure that may be in the process.

This lender may allow you to remain in the home until you find a suitable place to move. This is usually about the same amount of time you would have anyway had the home been foreclosed on.

In order to keep your home from becoming another of the statistic in the of Tampa Bay foreclosures that have been increasing due to the economy, you should try one of the options listed above. You may find that one of these is the right one for you.

For more information about Tampa Bay foreclosures, please visit our “Find A Local Counselor” page, complete the form and we’ll be happy to assist you further.