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…

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…

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…

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…