Articles Posted in Foreclosure

Whether you can refinance with a foreclosure on your credit report depends upon two factors: your loan terms and your mortgage lender. Negative credit events like foreclosure affect every credit decision made by lenders. A foreclosure will stay on your credit report for seven years. But many creditors look past previous foreclosures during the refinance application…

Mortgage reinstatement is your first and best loss mitigation option when facing foreclosure. Mortgage reinstatement means catching up your missed mortgage payments, along with all associated late fees and charges. To reinstate, you must pay the full amount due and owing in a single lump sum.  Mortgage companies rarely accept reinstatement amounts less than the amount…

In September 2010, the District of Columbia Housing Finance Agency (DCHFA) started the DC HomeSaver Program. The program is part of the Hardest Hit Fund and offers foreclosure prevention services for District of Columbia homeowners. A sliding scale of eligibility offers mortgage payment assistance up to 24 months and/or up to $60,000. Eligibility for the DC…

Preforeclosure (or pre-foreclosure) is the period between default on a mortgage and the formal, legal foreclosure process. Mortgage companies typically distinguish these stages by the length of delinquency. The formal foreclosure process in Virginia and Maryland commences between three and six months of default. Foreclosures in Washington, DC typically begin between four and 10 months…

Can you stop foreclosure without filing bankruptcy? The answer depends upon how far in default you are on your mortgage payments. If your mortgage company hasn’t yet scheduled a foreclosure auction, you may have options better than bankruptcy. But once an auction has been scheduled, in most cases you cannot stop foreclosure without filing bankruptcy.…

per · sis · tence 1. going on stubbornly or resolutely despite opposition or warning 2. insistent repetition of a question or opinion In Washington, D.C. you need both of these definitions to put forth a strong foreclosure defense. Your best foreclosure defense is persistence. Go on resolutely The plaintiff may file several motions against you…

Owning a home comes with a lot of responsibility. But the toughest part of owning a home may be realizing that you you can’t afford your mortgage anymore. Lots of different circumstances can lead to an unaffordable mortgage payment. But you have options if you take a proactive approach. 9 Options When You Can’t Afford…

If you have a property in foreclosure, your mortgage lender will likely send you all sorts of correspondence. You may have modification or reinstatement options, which is great if you want to retain the property. But for a variety of reasons, the bank or servicer may not be willing to entertain modification or refinance. In…

If you are facing foreclosure on an investment property, you have options. Unfortunately, investment properties do not get the same protections available to primary residences. For instance, mortgage modification is often not available for rental properties. And NPV analysis is often less forgiving. (NPV, or net present value, compares future cash flows from an investment…

If you have a medical problem, seek advice from a doctor. If you have an architectural problem, seek advice from an engineer. But if you have a financial problem, you should seek the advice of an attorney. Lee Legal can diagnose your financial condition. Every client receives a free consultation. Debt Collection. If you have…