Avoid Foreclosure in Westchase & the Entire Tampa Bay Area

Purchasing your own home is probably going to be the biggest transaction of your life, make sure you can afford the payments. Even so, things happen and payments can slip. If you realize that you are beginning to have a problem paying back your loan on time contact your lender immediately.

This one simple step can potentially save your home. Lenders do not want you to default on your loan any more than you do and are probably just as anxious to work something out. Honesty will be your best bet and beating around the bush only hurts. Be specific about what you can and can’t afford.

Know your rights and remember that foreclosure laws are on your side. Since the housing crisis, banks and lenders are seeing stricter guidelines for loans and lower requirements for modifications. New laws passed by the Obama Administration have added more lender accountability and a new qualified mortgage rule.

If you can figure out a payment plan or convince your lender to trust you, you may be able to have a temporary reduction in payment amount. This is called forbearance. Again, this is another circumstance where you must be honest and realistic with your lender. If you know you just need a small break to catch up, forbearance may be your best option.

If you are paying more for your home than it is currently worth, a loan modification can work wonders on your monthly budget, potentially saving you hundreds of dollars a month. Much like in the other scenarios you must communicate and be honest with your lender. You will still be responsible for the remainder of your loan, but your monthly payments will reflect your home’s current value.

If you are unsure about which option may best suit your scenario, a trusted realtor or real estate attorney can consult with you for free and offer a plan to help you get back on your feet.