Foreclosure can be a scary thing, but just because you have been foreclosed on does not mean it's the end of the world. There are post foreclosure options to help you get back on your feet and can help lead you back to a financially stable life. Although it may take a while you can even become a homeowner again!
A recent report by the New York Times states that thousands of Americans who have not been paying mortgage on their homes for years and still remain in those homes, just might be able to get away with not paying anything for their home again. This is all thanks to statues of limitations on the foreclosure process.
Foreclosure on a home is a common occurrence in the United States, and especially in the Tampa Bay area. A new report was released by the real estate tracking service CoreLogic, that the Tampa Bay area took first place for the most completed foreclosures this past year over all other U.S metro areas.
For some homeowners, the threat of foreclosure keeps them up at night and causes considerable anxiety. In Tampa, Florida, people who are dealing with this firsthand should try to explore every available option and address the situation correctly. After all, losing a home to foreclosure can lead to a plethora of problems that affect the entire family and it is imperative for every homeowner who is facing these financial challenges to take action as soon as possible.
Although foreclosures continue to occur all around the country, there are some positive signs that the housing market continues to improve, including here in the Tampa area. According to a recent report in the Tampa Bay Times, Tampa ranked number five in single-family homes sales in November amongst all 20 metropolitan areas in Florida.
In the past week, according to HousingWire.com, the Consumer Financial Protection Bureau is working toward adding additional measures to make sure that homeowners going through foreclosure are being treated fairly by mortgage companies . Some of the measure include: