How to stop your Tampa Property from going into Foreclosure

Do not panic if your Tampa property is about to go into foreclosure! The main thing you will want to do is find out how you can stop this from happening. There are methods, so before you give up, try a few of these methods to save your Tampa property.

The first thing that will probably happen is your lender will file a notice of default. This is for their protection. You need to contact them at once. The majority of people are in shock when this happens even though they knew they were behind. They just do not expect the lender to file anything at this point. So, do not ignore the letters or any correspondence from the lender if you want to keep your Tampa property.

There are those who are embarrassed and hesitate to contact the lender, but this is not the first home they have filed a notice of default on and you should not be embarrassed. Contact theme and see if there are options they will offer to allow you to keep your Tampa property. A common solution offered is time to catch up the payments you have missed. This is called forbearance.

It is also possible although not very often that the lender will forgive a couple of payments if you can assure them that you are able to make the payments once again. This is called debt forgiveness. The next possibility to help you keep your Tampa property is when the lender will work with you on a repayment plan that adds an amount to the payments. This extra amount is paid until the amount you were behind is made up.

Do you have an adjustable mortgage on your Tampa property? If so, the lender may freeze the interest rate to stop it from going up or even change it one that is lower so you can handle the payments. Another option is a note modification, which extends the amortization period. Still another is refinancing the Tampa property which will affect the loan balance by increasing it by the amount you are in arrears and re-amortize the loan.

As you can see there are options for keeping your Tampa property as long as you do not ignore the notices from the loan company. There are government programs that you should check into as well.

Looking to sell your Tampa property in the future?  Please feel free to call me with any questions you may have at 813-739-5965 or visit the Contact Us page and I’ll be sure to be in touch with you shortly.