What to do if your Home in Tampa Bay is Facing Foreclosure

If you own a home in Tampa Bay, you may have been among the 2.8 million homeowners who were given foreclosure notices in 2009. If not, that is terrific. However, many homeowners have been struggling to make mortgage payments and one bit of good news is that approximately 2/3 do not continue into foreclosure. With the help of foreclosure counselors often those with a home in Tampa Bay as well as other areas of the country can avoid this option by negotiating with their lenders.

The alternatives that are available to help you keep your home in Tampa Bay are loan modification, a short sale or forbearance. With the help of a foreclosure counselor you can often use one of these options to keep your home from entering the foreclosure process.

The process can be quite lengthy depending upon where you live, but it can also be carried out in as little as two months. This is why you should contact your lender immediately and see what type of agreement you may be able to reach to save your home in Tampa Bay. Even if a short sale is an alternative, you do not have a foreclosure on your credit record.

One thing you should also do is to read your mortgage agreement as well as any papers you have received from your lender. See what rights you have within the state in which you live. Does your state allow for a grace period that gives you time to reverse the foreclosure process?

Presently there are many programs to help those who are facing foreclosure. The government has two in effect in addition to Freddie Mac and Fannie Mae homes that have their own programs to help prevent foreclosure. Making Homes Affordable has a refinancing option and a loan modification option to help you keep your home in Tampa Bay.

Started in April 2010, the Home Affordable Foreclosure Alternative program began in earnest. This program helps by providing lenders with incentives to approve short sales and also helps by providing borrowers with $3,000 in assistance for help relocating.

Knowing your options can be most beneficial if you own a home in Tampa Bay or elsewhere and are behind on your mortgage. With many programs and counselors available for exploring your options, the outcome can be better than you expect.

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