Foreclosure Do's and Don'ts
City of Tampa is working with many agencies to give you every opportunity to
save your home. To guide you through the process, we have listed some important
steps that you should and should not take..
Important Do's and Don'ts to guide you through the process:
- Take action immediately. The “Making Homes Affordable” is for
homeowners who are behind in making their mortgage payments.
- Communicate with your lender. If you are going to be late or have a financial
hardship such as a recent job loss, be proactive and let them know about your
- Ask questions. Ask your lender if you qualify for the “Making Homes
Affordable” or “Home Affordable Modification” programs.
- Do Your Homework. Program information can be found by visiting
www.makinghomeaffordable.gov or by calling Hope for Homeowners hotline at
- Let experienced and knowledgeable organizations help you. If you need
assistance working with your lender, contact one of the HUD certified counseling
agencies listed in this publication.
- Don’t ignore the letters sent to you by your mortgage lender. If you have
stopped making your mortgage payments, call them today and ask if you qualify
for the new “Homes Affordable Modification Program”.
- Don’t spend the money you could use towards a mortgage payment. You must have
some financial resources to obtain a loan modification. It is important that you
have a realistic monthly budget in order to make monthly mortgage payments.
- Don’t pay a higher interest rate than necessary. The “Making Homes Affordable
Program” can also help homeowners who are current with their mortgage payments
by lowering interest rates and making their home more affordable.
- Don’t miss this opportunity. This “Making Homes Affordable Program” expires
June 10, 2010.
- Don’t waste time. The foreclosure process takes about 120 days. The program
expires December 31, 2012. The sooner you take action, the more likely you will
get positive results and keep your home.