What to do if you can’t make your Tampa Bay house payments anymore

If your Tampa Bay house payment is becoming too much to keep up with and you are worried about foreclosure, there are options. However, you will have to call your lender and discuss your problem. They can help with a variety of options from a short sale to a loan modification. There are alternatives available that may allow you to keep your Tampa Bay house, but you will have to do a little work.

First of all, you will want to look at all the documentation you have received from your lender as well as your mortgage papers. Read everything – even the small print – because there may be very important information here. For example, you may have a “power of sale” clause that allows your lender to sell your Tampa Bay house when you miss payments to pay off the loan.

Knowing the laws in your state can be quite helpful. Many states have a “right of redemption” law that allows a grace period for paying up the loan and reversing the foreclosure. Being informed will help you to make the right decision.

If you have missed a couple of payments it is still possible to save your Tampa Bay house if this is what you want to do. Speak to your lender and see what options they may suggest. Call a counselor that can help with negotiations. There are many that are approved by the U.S. Department of Housing and Urban Development. You should make sure you are speaking with a legitimate counselor. Scams have become quite rampant with the high number of homes facing foreclosure.

A loan modification may be possible and this will decrease the amount of your monthly mortgage payment to make it more affordable. In addition, another option, forbearance may be a solution. This temporarily suspends your payments until you can get back on your feet. Typically the payments you do not pay on your Tampa Bay house now will be added to the end of the loan.

A short sale may be another option in your best interest. The only way you will find the right solution if you are in danger of losing your Tampa Bay house is to talk to your lender and a foreclosure avoidance counselor. But you do have options and the sooner you find them, the better.

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