Prevent Foreclosure in Westchase & the Entire Tampa Bay Area

If you are like many Americans today, you are underwater or behind on your home mortgage payments. Millions of Americans have recently experienced the same troubles. Thankfully, the foreclosure crisis brought to attention the callous attitude lenders can have to their customers, and recent changes in lending mean you have more options than just a short sale or bankruptcy.

Listed below are some of the options that may be available to you if you have defaulted on your home loan payments. Scheduling a pre-foreclosure counseling session with a trusted realtor or attorney can eliminate the guess work.

Create a repayment plan. Most commonly called “forbearance,” this option involves contacting your lender to negotiate and create a plan for repaying missed payments over time. This involves honest and open communication with your lender. If a payment plan is agreed upon, the homeowner must keep current with those payments.

Refinance. If you meet certain eligibility standards with your lender and have sufficient equity in your home, a refinance may be the best and easiest solution. Thanks in part to the Obama Administration’s Home Affordable Refinance Program; it’s never been easier to refinance your home to current market value, often saving hundreds of dollars a month in mortgage payments.

Short Sale. If you have a qualifying economic hardship, such as a sudden loss of employment, you may be eligible for a short sale. In this scenario, the homeowner negotiates with the lender to sell the home quickly for a lesser amount than the loan. You still lose your home, but you avoid the costly marks to your credit score and can essentially wash your hands of the debt.

Deed-in-Lieu of Foreclosure. If approved by the lender, a homeowner may be able to give the house to the lender in exchange for not filing a foreclosure.

Bankruptcy. Despite what debt relief organizations say, bankruptcy should be your very last option. If you are facing foreclosure, consult with a real estate attorney to discuss all the options available to you before filing for bankruptcy. This will have devastating effects on your credit for nearly 10 years, with some effects lasting much longer. This will greatly affect your ability to borrow money in the long run.

If you are behind on your mortgage payments or facing foreclosure, consult with a realtor or real estate attorney immediately. You have options, but they greatly diminish as time goes on. Contact realtor Vicki Boss to discuss your situation. With over 25 years of experience in realty and short sale, Vicki understands your needs and will set up a free consult with an attorney to assist you with your mortgage problems.