Tampa Real Estate | Tampa Homes and Condos for Sale
  • Home
  • Map Search
  • Luxury Homes
  • Buy
  • Sell
  • Instant Home Value
  • Meet the Team
  • News
  • Reviews
Login
(813) 907-2555

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

Foreclosure

Foreclosure is a process that transfers the right of home ownership from the homeowner to the bank or lender. A home goes into foreclosure when the owner defaults on his mortgage loan payments. Once a homeowner receives a notice of default, they’ll usually have 2 – 3 months to make payments before the bank officially forecloses on the home. Foreclosure is a costly process and can have negative impacts on the homeowner’s credit score.

The Foreclosure Process

Once a borrower falls two payments or 60 days behind on his monthly mortgage payments, the lender will issue a notice of default, the first step of the foreclosure process. At this point, the homeowner may try to sell the home as a short sale if they owe more on the mortgage than the home is worth. This is a long and difficult process that requires the approval of all lien holders on the mortgage.

If the short sale fails, the lender will appoint a trustee to sell the home at a public auction to an all-cash buyer. The trustee is usually an investor representing the collective interests of all the lien holders on the home. If the home doesn’t sell at auction, the lien holders are either paid off through private mortgage insurance payments if the homeowner paid insurance as part of his monthly mortgage payment. If he didn’t have mortgage insurance, the secondary lien holders end up taking a loss on their investment.

Finally, the lender with the primary mortgage on the home becomes the sole lien. The lender’s bank usually hires a real estate agent to list the home in the Multiple Listing Service (MLS). Foreclosures listed in the MLS are easier to buy than short sales because there is only one lien holder, the bank; whereas with short sales, multiple lenders may need to approve of the sale. Learn how to buy a foreclosure.

BACK

Like or Share
Loading likes...

Address Search

Remax Hall of Fame

An Introduction To Our Services

Popular Tampa Real Estate Searches

  • Apollo Beach
  • Brandon
  • Carrollwood
  • Land O Lakes
  • Lithia FishHawk
  • Lutz
  • New Tampa
  • Odessa
  • Riverview
  • South Tampa
  • Wesley Chapel

Coming Soon Listings

Coming Soon Listings

Connect With Us



Chat With Maria

Real Estate Market Reports

  • Tampa Market Report

Interactive Map Search

Buying & Selling Made Easy

 Freshest Data Available
 Active Listings Only
 Customizable Search Options
 New Listing Alerts
 Instant Home Value Assessments

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years
Calculate

Does not include any taxes or fees.
Please consult a financial professional.

Buyer Resources

  • Buying New Construction
  • Buying Your First Home
  • Financing Guide for Home Buyers
  • Find the Perfect Home
  • Glossary of Terms
  • Home Buyers Guide
  • How to Clean Up Credit
  • Mortgage Terms and Lending Practices
  • School Finders
  • Ultimate Guide to Saving Money

Seller Resources

  • Divorce Services
  • Feature Your Home Online
  • Glossary of Terms
  • How to Sell Your Home Quickly
  • Probate Services
  • Proven Plan to Market Your Home
  • The Listing Plan of Action
  • What's Your Home Worth?

Useful Links

  • About Tampa Home Group
  • Testimonials
  • Recommended Local Professionals

Career Opportunities

Translate Site

 

Your Luxury Real Estate Agents

The Institute of Luxury Home Marketing
Click here for more information

Sportstar Relocation Services

Sportstar Relocation

One Call. One Move. No Stress.
Click here for more details

Remax

 

  • Home
  • Advanced Search
  • Buy
  • Featured Properties
  • Sell
  • What's My Home Worth?
  • Luxury Homes
  • Market Reports
  • Meet the Team
  • News
  • Contact Us
  • Reviews

Tampa Home Group
5321 Primrose Lake Circle, Suite 1
Tampa, FL 33647

Phone: (813) 907-2555
Email: info@tampahomegroup.com



© 2018 All Rights Reserved | Privacy Policy

Advanced Searches

  • Condo Search
  • Zip Code Search
  • MLS # Search
  • Sold Search
  • Address Search
IDX Real Estate Websites by
• Accessibility