Tampa Foreclosure Advice | Tampa Real Estate Blog
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Tampa Foreclosure Advice

Published by Lance Mohr | Filed under Foreclosures

When it comes to Tampa foreclosures, homeowners are already scared.  They may have tried putting their home on the market and it didn’t sell.  They may have resorted to trying a short sale and that didn’t work either.  The last thing they need is for someone to take advantage of them while they are in a vulnerable state of mind.  If approached by an investor (or someone claiming to be an investor) here are some things to look for and avoid.

• Watch for investors who charge you a fee for signing your home over to them.  Why would you pay someone?  The object is for you to get paid.

• Beware of investors telling you that they will take care of any default you have on the home.  You, as the homeowner, are the only person who can cure the default. 

• Be wary of investors who will buy your property, lease it to you and give you the option to buy it back.  This cannot benefit you in any way.  Think about it.  The investor obviously wants to make money, so you will be buying your own house back from them and you will have to pay more money for it.  You are better off trying for a short sale.

• Try to avoid refinancing if you can.  Chances are your credit has been affected by slow payments.  If you do get a loan it will probably be a higher interest rate and you will more than likely have to pay closing costs.

• Try not to think about bankruptcy as a solution.  Bankruptcy does not stop foreclosure.  It puts a hold on foreclosures which can allow you time to reorganize your finances. 

People in foreclosure are vulnerable.  Think twice before embarking on a plan and think about the situation carefully before signing anything.  You don’t want to put yourself in a worse situation than you are already in.  If you do your homework and research different options you will find a solution that suites you and will not put you in the greedy hands of a shady investor.

If you have any questions about Tampa foreclosures please give us a call.

January 20th, 2009