When It’s Time to Give Up Your Home to Foreclosure
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, […]
The Downsides of Reverse Mortgages
A “reverse mortgage” is essentially a mortgage loan for a homeowner at least 62 years of age who owns a primary residence free and clear of any liens, or who has significantly paid down the balance on the existing mortgage. Reverse mortgages typically only become due when the borrower passes away. When considering a reverse mortgage, […]
Anatomy of a Foreclosure: How Foreclosure Works
Foreclosure activity in the U.S. totaled 676,535 properties in 2017, down to a 12-year low. Foreclosure activity includes default notices, auction sale notices, and bank repossessions. Many of those seeking foreclosure assistance ask how foreclosure works. If you are seeking to avoid foreclosure in Washington DC, Maryland, or Virginia, you must educate yourself quickly and […]