Stop Foreclosure in Westchase and the Greater Tampa Bay Area

When a lender files a notice of default, the homeowner’s options are limited. That is why it is always better to call your lender before falling behind on payments. If you know something will disrupt your payment schedule, always talk to your lender.

Lenders are often extremely reluctant to work out a repayment schedule after foreclosure proceedings have already started. You will be given a time period to bring the payments to current and pay of the costs of filing the foreclosure. This is called reinstatement. If you can make up the difference, this is generally the easiest way to stop a foreclosure.

If you cannot afford to pay for your home, a short sale will be you next best option. A trusted short sale realtor will be able to discuss the best route to take. If you can prove an economic hardship, like unemployment or other loss of income, you may be eligible for a short sale. You will sell your home as normal, but for much less with all proceeds going straight to your lender.

A deed-in-lieu of foreclosure is when the homeowner gives the lender a properly prepared and notarized deed, and the lender forgives the mortgage effectively canceling out the foreclosure process. This arrangement might also allow the homeowner to remain in the home until finding another place to live. Economists and lenders believe that a deed-in-lieu of foreclosure may have the same effect as an actual foreclosure on your credit score.

Once a lender has started the foreclosure process, you have the potential to save your home but the options become increasingly limited. Contact Westchase real estate expert Vickie Boss for advice or a consultation.