Losing Your Home: Bankruptcy, Short Sale or Foreclosure… Picking Your Poison
November 14th, 2007 categories: Home Seller Information, News Around The Bay, Short Sales Tampa, Tampa Condos, Tampa Real Estate
Avoid Foreclosure at all? costs!
?
More and more Tampa home owners are falling behind in 
their mortgage payments every month. The Tampa, St Pete, Clearwater area?now ranks #19 in?percentage of foreclosed homes, in the nation. There are actions and steps?Tampa Bay homeowners who have fallen on hard times can take to avoid foreclosure.
?
Can Chapter 13 Bankruptcy Stop Foreclosure?
When filing?for Chapter 13 bankruptcy, in most cases, an automatic stay is entered as soon as a Chapter 13 bankruptcy petition is filed. The automatic stay will temporarily stop foreclosure, regardless of the stage of the foreclosure proceedings.
How Does Chapter 13 Bankruptcy Work?
Shortly after filing a Chapter 13 bankruptcy petition, the debtor must file a proposed plan, setting forth his income, allowable living expenses, and proposed payments to the trustee for the benefit of creditors. Current payments must be kept current after the Chapter 13 petition is filed.
Homeowners must make all mortgage payments that come due during the Chapter 13 plan, and failure to make current payments on time may mean that the bankruptcy court can lift the automatic stay and allow the mortgage company to resume foreclosure proceedings.
What about?Short Sales for Tampa?Homeowners?
Homeowners who have?fallen behind on their mortgage and are unable to keep up and catch up have another alternative. The Process is called a Short Sale. The short Sale is not available to everyone and must be approved by the lender or lenders. Usually there must be a hardship involved such as a lose of wages or medical issue.
The short sale ?allows a homeowner to sell their home for less than is owed to the mortgage company or companies. There are other requirements as well?so call your lender for there specific requirements or call?a professional Realtor?with Short Sales knowledge and experience, and let them go to work for you.
Most experienced Realtors will charge you nothing to handle your Short Sale from beginning to end.?Home owners should?be careful in selecting a Real estate agent, as most?have never handled?this type of transaction and don?t know the pitfalls and?what?a lender needs to accept a?short sale offer.
Please contact John Montesano, your short sale specialist?at 813?441?0400 For more information on 
Short Sales and avoiding foreclosure in the Tampa, St Pete, Clearwater areas.?
Leave a Reply
You must be logged in to post a comment.
[…] While on the subject of foreclosures, John at Homeward Real Estate helps answer the question about alternatives for homeowners facing foreclosure. […]
The Best on The Vine, week of November 11 said at November 16th, 2007 at 10:54 amDJ DGAP-Adhoc: SolarWorld AG: Group…
DJ DGAP-Adhoc: SolarWorld AG: Group sales and operating result …cecu.de, Germany -16 minutes agoThe company is involved at all levels of the…
best value stock said at February 15th, 2008 at 1:33 pm