Especially in Florida, one of the most popular American destinations, the economic crisis had dramatic consequences on the citizens who made huge debt to fulfill their dreams of owning a home in Tampa.
In Tampa, the drama faced by citizens who lost their homes through foreclosure was as intense as the joy experienced when they first moved in their dream homes. Unable to pay their mortgage loan, many citizens faced foreclosure processes. They were forced to vacate the property, and their houses were sold through foreclosure sale public auctions. For most of them, foreclosure did not only result in losing a home, but also affected their credit scores for 5 to 7 years, making them unable to get new credits or buy new property.
According to Tampa Bankruptcy lawyers, the citizens who lost their homes were not the ones to blame for the foreclosure crisis in Florida. In fact, between 2002 and 2005, many citizens fell prey to the promises of creditors who offered home loans extremely easy. Creditors offered immense loans without checking clients’ credit history, the stated income of the applicant, or the ability of the client to repay the debt. The result was that many citizens borrowed huge debts for luxury homes their income was not enough to repay. Some of them, despite their bad credit history, manage to become owners of dream homes in some of the most popular areas of Tampa.
With the fall of the Florida real estate market in 2005, most of these persons faced foreclosure processes and were driven away from their homes. With the help of a bankruptcy attorney, Tampa citizens managed to stop or delay foreclosure, by filing for chapter 13 bankruptcy. Chapter 13 bankruptcy allows debtors to rearrange their mortgage payment plan. As long as they have the possibility to make the required payments decided through the new payment plan, citizens were able to avoid foreclosure. However, not all citizens facing foreclosure were able to file for chapter 13 bankruptcy and keep their homes.
Consequently, a huge number of citizens lost their Tampa homes.
Nowadays, the number of people struggling to avoid foreclosure in Tampa remains high. Their only viable solution is to ask a Tampa foreclosure attorney for help. Without the support of a bankruptcy lawyer, Tampa citizens dealing with foreclosure risk to lose their house and most of their property in foreclosure and bankruptcy processes.
About Tampa Bankruptcy Legal Help:
Tampa Bankruptcy Legal Help (http://www.tampabankruptcylegalhelp.com/) offers support to Tampa citizens facing serious financial problems. With the help of the company’s foreclosure attorney, Tampa citizens can avoid foreclosure and successfully handle bankruptcy.
Tampa Bankruptcy Legal Help
Cory Matthews
(888) - 635 - 4840
admin@tampabankruptcylegalhelp.com
Source: EmailWire.Com
