Foreclosure is a process taken after a property owner fails to make the monthly payments agreed to pay for the loan advanced to them by a lender who can be a bank, a building society or any other financial institution. When the property owner fails to pay the monthly money owed by the lender for months, the lender has the legal capacity to sell the property to recover the balance of the money owed by the borrower which is known as foreclosure. However, this is a legal process in most places since the court has to hear the case and determine the course of action to take so as to protect the rights of the borrower as well as the lender and come to common

and fair ground.

Foreclosures in Tampa bay.

Tampa bay is geographically located at the border of Tampa Fl and St. Petersburg Fl and it is a location with many homes in the area owned by both government and private individuals. The process of foreclosure in Tampa bay area is a legal case where if the home owner fails to pay the monthly payments for 3 – 4 consecutive months the lender takes an action through the judiciary system. The lender is supposed to send a Notice of default through the court system which is supposed to thereafter serve the home owner with it so as to start the legal process. At this stage, the home owner

is required to make full payments of the mortgage balance owed by the lender or else after 30 days, a suit follows if no resolution is reached within these 30 days.

The lender’s attorney then files a Lis Penden & Mortgage Foreclosure Complaint suit against the borrower and the court serves the borrower with the notice to mean that there is a pending litigation against the home owner for default of making the mortgage payments. At this stage too, the home owner is required to make all the balanced owed by the lender either by a short sale of the home or through loan modification. After 3 to 4 months and no resolution is reached at to pay the lender, the court orders a judgment hearing where it pronounces the final judgment of the case and a foreclosure is granted to the lender where the court sets a date within a duration of 30 to 60 days where the home is supposed to be auctioned to the higher binder. Once the property is sold, the foreclosure in Tampa bay area is said to be foreclosed since the home now has a new owner.

How to go about the legal process

Since this is a legal process, both the lender and the borrower will require knowledgeable attorneys to represent them in court to either prevent the foreclosure in Tampa area no matter which stage it is in which applies to the home owner or how to file for the foreclosure which applies to the lender. For the best attorney’s well known in the

entire Tampa bay area, buzzbuys.biz offers the best attorneys to represent the lender or the borrower and they are known to handle the cases legally and in most of the cases, they have won their cases since they have the legal knowledge on how to handle these cases. This means that buzzbuys.biz is a one stop shop for all representation in the foreclosure legal process in Tampa bay area.