Articles Posted in mortgage modification

You may have done everything that you could to stop foreclosure on your own. But if your lender schedules an auction, you must take steps to stop foreclosure immediately. Before an auction is scheduled, you have lots of foreclosure prevention options. But the only sure-fire way to stop foreclosure immediately is to file bankruptcy. Chapter…

In order to foreclose in the District of Columbia, a mortgage lender must submit to mandatory foreclosure mediation. The District’s Foreclosure Mediation Program requires lenders to mediate in good faith with borrowers. Foreclosure litigation in DC offers several stages at which you can obtain a mortgage modification. Make the most of your foreclosure mediation in Washington…

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…

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…

Getting a new mortgage after a foreclosure can be challenging under certain circumstances. But if you want to buy another home, take heart because it is possible. Generally speaking, you will not be able to obtain a mortgage sooner than two years of a foreclosure. But you will be able to get another mortgage after…

Washington, D.C. homeowners facing foreclosure should very carefully examine their options, including voluntary surrender.  Three conditions primarily determine when it’s time to give up your home to foreclosure. Affordability. If you can’t make your monthly mortgage payment anymore, remaining in your home may be economically unsustainable. Equity. If you sold your home on the open market,…

A homeowners association (“HOA”) or condo board in Washington, D.C., Maryland or Virginia has super-priority status over even first mortgage holders. Homeowners association foreclosure in the DMV is subsequently quite common. If you are unable to pay your condo or coop fees, your HOA can and will foreclose against your home. Homeowners association foreclosure procedures…

If you’re facing foreclosure proceedings, bankruptcy may be the last thing on your mind. But you should consider bankruptcy both your first option — and your last — if you are in foreclosure. One question I get asked all the time: Can Foreclosure Be Stopped Without Filing for Bankruptcy? Bankruptcy Stops Foreclosure Proceedings Chapter 13…

If your loan modification was denied, you may still have options. If you intend to keep your home and are willing to put in the extra work, then you may still be able to obtain a modification. Here’s what to do if your mortgage modification was denied. Read the Denial Letter Understand fully why your loan…