Foreclosure Assistance in DC, Maryland and Virginia

Foreclosure Assistance in DC, Maryland and Virginia - LEE LEGAL

Seek foreclosure assistance if you are facing a foreclosure auction in DC, Maryland or Virginia. If you want to keep your home, act fast while you still have options.

Foreclosure Assistance in DC, Maryland and Virginia -- LEE LEGAL

Stop the foreclosure process

In some cases, it makes sense to allow a foreclosure auction to take place. If you no longer want to keep the property and intend to file bankruptcy to discharge the mortgage, then allowing the property to go to foreclosure auction can make sense.

In most cases, however, you will want to stop the foreclosure process. We strongly recommended that you seek foreclosure assistance once your mortgage company informs you of their intent to accelerate your loan.

Your options to stop foreclosure

The earlier you act, the more options you have. In most cases, homeowners have four basic options: reinstatement, workout, modification, and bankruptcy.

Reinstatement involves getting current on your mortgage, or paying the entire past-due amount plus costs and fees. Workout broadly refers to the process of obtaining a short-term arrearage repayment agreement with your lender. Modification can take up to a year to complete and therefore requires early and aggressive attempts to modify post-default.

Once a foreclosure auction has been scheduled, generally speaking your only option to stop the process is to file bankruptcy. If you intend to surrender the property, Chapter 7 bankruptcy will stop the foreclosure. Chapter 7 also buys you some “breathing room” to find another place to live. And Chapter 7 allows you to completely eliminate your liability on the mortgage debt.

Chapter 13 bankruptcy, on the other hand, allows you to repay your missed mortgage payments over an extended period. If you want to keep your home but can’t afford to reinstate your loan, Chapter 13 is usually the way to go. Filing bankruptcy immediately stops a scheduled foreclosure auction. We will then propose a Chapter 13 Plan that addresses all of your debts, not just your mortgage.

Lee Legal provides foreclosure assistance

If you are facing foreclosure in Washington DC, Maryland or Virginia, call Lee Legal at (202) 448-5136 to discuss your options. Providing foreclosure assistance to the DC area since 2008, Lee Legal offers top-notch legal services at very reasonable rates.

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About Brian V. Lee 516 Articles
Brian V. Lee provides bankruptcy, foreclosure defense, business turnaround, and litigation services to clients in the District of Columbia, Virginia, and Maryland. Brian was the Washington, D.C. state chair of the National Association of Consumer Bankruptcy Attorneys from 2016 to 2018.