Tampa Florida Foreclosure Help, Defense, Laws and Process

 


Living in Tampa Florida is heavenly. The environment is conducive and the climate is not as harsh as other states. Therefore, owning a home here is wonderful and thanks to mortgage help this is now a reality. Unfortunately, certain factors can make it difficult for you to honor the agreement terms set on the mortgage document. These factors can lead you to foreclose your properties in order to offset your debts to your lender. You must explore all avenues possible in order for you to save your home.

One of these avenues is seeking government assistance through the government housing agency located in the county. In Tampa, Florida, government help is provided to you through the HUD- approved Housing Counselor. They are mandated to provide information on ways to best deal with foreclosures and to assist you with tips to help you prevent foreclosures. They are at hand to educate you on your rights as a mortgage owner. They are also available to provide you with ways to help you reinstate your loan.

If you are at risk of foreclosure or facing foreclosure then it is important to act fast. Do not procrastinate and notify your lender s soon as you realize you cannot meet the terms of the contract. Doing so gives you the chance to re-negotiate the terms of payment in the contract. Loan modification can help you save your home.

Stop Foreclosure Tampa, Florida

There are various reasons why a person can foreclose their property. These reasons may be due to unemployment, a rise in the mortgage interest rates, death, divorce, medical expenses etc. The following are guidelines’ to help you stop foreclosure in Tampa, Florida:

  • Do not ignore the problem. Avoidance in dealing with the issue will not make it go away but cost you in terms of money.
  • Contact your lender as soon as you realize you cannot honor the payment terms. He may consider loan modification and help you re-negotiate the terms of payment.
  • Read and reply to all notices sent to you by the lender. These notices may contain foreclosure prevention tips and may prove vital in helping you save your home.
  • Be aware of your mortgage rights according to the state law. Contact your HUD-approved Housing Counselor if you are not.
  • Liquidate your fixed assets if they can help you reinstate your loan.
  • If possible, file for bankruptcy. It will buy you time to find resources to pay the default.

Tampa, Florida Foreclosure Process

In Tampa, Florida foreclosures are only carried out through court proceedings. This process takes about five months. The following is the judicial process as per Florida state law:

  1. The lender files a court action through his attorney and records lis pendens against the borrower.
  2. The lender notifies the borrower and all concerning parties through mail or publication.
  3. If the borrower does not appear in court then the court makes a final ruling and orders the sale of the property.
  4. The terms on the notice published are strictly according to the courts ruling.
  5. The court may extend the time for redemption.
  6. The sale of the property ends the right of redemption by the borrower.
  7. The court reviews the sale 10 days after the auction in order to establish that a fair price was paid.

Foreclosure may be unavoidable but it shouldn’t deter you from your dream as a home owner. Credit repair services are made available to you by the state. Fixing your credit scores will ensure that you are able to secure loan services in the future. Make use of government aid.