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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…

New Chapter 13 bankruptcy Plans took effect nationwide on December 1, 2017. Trustees, creditors and debtors alike are grappling with the new Plans, which are the result of extensive revision by nationally-recognized leaders in bankruptcy practice. What is a Chapter 13 Plan? When you file a Chapter 13 bankruptcy, you are doing so for one…

Most business disputes are the result of a breach of contract. Since contracts are written documents, the language of the contract, as well as the actions of the parties, will determine whether the dispute will result in litigation. Be reasonable and attempt to settle first, but also know when it’s time to sue. Corporations are…

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.…

Don’t send good money after bad. Have you heard the phrase? It means spending even more money on an investment with the hope of recouping your original investment. Most of our clients feel their credit card purchases to be investments. From clothing and food and appliances to rental cars and educational expenses, most people use plastic…

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…

All security clearance levels are subject to periodic reinvestigation. Confidential clearances require renewal every 15 years, Secret requires every 10 years, and Top Secret requires reinvestigation every 5 years. Bankruptcy will definitely affect your initial security clearance review and, in some cases, can present a hurdle. But if you already have a security clearance and…

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…

New Chapter 7 means test numbers take effect November 1, 2017. The means test numbers purport to state the median income per family size based on jurisdiction. To file a Chapter 7 bankruptcy, you must qualify under the Chapter 7 bankruptcy means test. In most cases, your income must be less than or equal to the…

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…