Tampa Mortgage News | Which is better, a short sale or a foreclosure?

Tampa Distressed Properties Sold

Tampa short Sale or foreclosure, investor buy houses and saves your credit. Right now as you may know, a record number of homeowners are facing foreclosure with no option for them to avoid ruining their credit or having their assets seized, including other assets besides the home itself. However, there is a solution and it doesn't involve bankruptcy. I represent investors who are willing and able to buy your home, even if you owe more than what the home is worth! Do not let a foreclosure ruin your financial situation! However, before I explain the program, I will let you know the consequences of a foreclosure.

The bank will file a Lis Pendens in the county the property is located in. You will also receive the notice. A Lis Pendens is a notice to foreclose. You will have a specified time to answer the claim, usually 20 days. After the waiting period is up, the bank proceeds to place the house up for sale at the courthouse. The bank will usually be the high bidder to protect their interest in the property. Once the property comes back to them, it goes to their Real Estate Owned (REO) department. This department is in charge of disposing the asset. Once the asset is sold, the bank will issue a deficiency judgment. A deficiency judgment comes from taking the amount you owe on the loan, plus attorney fees, late fees, court costs, interest and penalties, subtracted from the amount the bank sells it for. This usually adds up to a lot of money. The bank will then go after you for the deficiency amount. If you do not have the money to pay it, then the bank will attach the judgment to other assets that you own. This could force you to file bankruptcy. A Chapter 7 bankruptcy will stay on your credit for 10 years and a Chapter 13 will stay on for 7 years. An unpaid judgment stays on for 20 years and is renewable for another 20 years at the discretion of the creditor. Under current Fannie Mae rules, a foreclosure will disallow you from buying a home for 5 years. If you have other assets, the trustee in a Chapter 7 bankruptcy will liquidate them to satisfy the deficiency. In a Chapter 13 bankruptcy, you will have to make payments to your creditors based on the assets that you own.

How do

Tampa home owners avoid a foreclosure

and a deficiency judgment? Let me explain briefly how my short sale program works. My investors will buy your home regardless of where the property is located, condition or if you owe more than what the house is worth. My investors will place a contract to buy on the home right away. My team of seasoned professionals, which include attorneys, title companies, appraisers, loss negotiators/mitigators, and mortgage professionals have over a combined 88 years experience. They will handle the negotiations with the bank to allow the bank to sell the home for less than what it is worth. Part of the negotiations is that we insist that the bank will not file for a deficiency judgment. We also negotiate that the account will not show up as a foreclosure on your credit report. As part of the negotiation, we insist that the bank will show the account as "settled for less than what is owed".

For further information, email or call Jim Costello specializing in Tampa mortgages and Tampa Short Sales at 813.785.8602 cell, or work 813.988.1776 x701.

If you are reading this and you are a Tampa Property Investor or home buyer interested in getting a Tampa real estate bargain - give us a call as well and we'd be happy to match you up with these property bargains!