Each month the number of foreclosures in Tampa decreases. Unfortunately, Florida is still the top state in the U.S. for the most foreclosed properties in the country.
When compared to 2011 and 2012, the housing market in Tampa showed an increase in sale prices and property values.
However, hundreds of homeowners in Tampa are still behind on mortgage payments and are facing foreclosure without help.
Many Tampa homeowners are, for the most part, underwater, meaning they have negative equity or are upside down on their mortgage.
Negative Equity: When your Home is Worth Less than What is Owed!
The terms “underwater,” “negative equity,” and “upside down” all mean the same thing: that a home is worth less than what is owed on the mortgage.
According to recent statistics, Tampa, St. Petersburg and Clearwater homeowners ranked second out of the twenty-five largest metropolitan areas with negative equity, at almost 34%, which is just behind Miami, at 36.5%.
Last quarter, RealtyTrac announced that the average length of a foreclosure in Tampa, Florida was 2.5 years.
On a positive note, recently, Hillsborough, Pasco and Pinellas Counties enacted stricter loan documentation requirements that banks must meet prior to foreclosing on properties, which provides homeowners more assurance that their legal rights will be protected prior to foreclosure.
Foreclosure: What Homeowners Should Know!
Homeowners should be aware that they have numerous options available to them prior to a bank foreclosure sale at auction.
Do you need a Foreclosure Attorney in Tampa? Do you want a skilled attorney to help you with a Loan Modification? Are you in Tampa, St. Petersburg, or Clearwater and need to know what pre-foreclosure options might help you?
The experienced foreclosure attorneys at FL Legal Group can help answer questions and they will provide assistance with your foreclosure concerns.
With our office in Tampa, the attorneys at FL Legal Group help homeowners throughout Pinellas, Pasco and Hillsborough counties stay in their homes and fight against bank foreclosures.
FL Legal Group attorneys are also able to assist you in negotiating a short sale, filing for bankruptcy, or in finding the best foreclosure defense option for your particular situation.