More and more Tampa home owners are falling behind in 
their mortgage payments every month. The Tampa, St Pete, Clearwater area now ranks #19 for the percentage of foreclosed homes, in the nation. There are actions and steps a Tampa bay homeowner can take to avoid having your home foreclosed upon.
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 so call your lender for there specific requirements or call a professional with Short Sales knowledge and experience.
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 at 813–441–0400 For more information on 
Short Sales and avoiding foreclosure in the Tampa, St Pete, Clearwater areas.