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Are you one of the thousands of Tampa Bay Area homeowners that have been affected by the economic decline? Have you missed a payment on your mortgage - or are worried about missing one? Receiving notice that your house is about to be foreclosed upon is one of the most traumatic things you can go through. However, when you sign your mortgage or deed of trust at the real estate closing and it is recorded in your County’s Probate Judge’s office, you give your lender the right to foreclose on the property if you default on the loan or fail to repay the loan according to the terms of the loan.
Here are some basics about the foreclosure process and where you can find help:
What is a Foreclosure?
Foreclosure is the method used by a lender (such as a bank or mortgage company) to take ownership and possession of the property used to collateralize your mortgage if you get behind in your payments. In Florida, lenders do not have to sue you in court first in order to foreclose on your property. Lenders do have to publish the foreclosure date in a local newspaper for three consecutive weeks prior to the foreclosure sale. You may also receive a letter from your lender advising you of their intentions.
Reasons To Avoid Foreclosure
1.The homeowner will always have to disclose they had a foreclosure on any mortgage application.
2.Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.
3.A foreclosure is the one credit report item that is almost impossible to be "repaired".
4.Military and government security clearance could be at risk with foreclosure.
5.Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.
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