Can Foreclosure Be Stopped Without Filing for Bankruptcy?
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 […]
My Loan Modification Was Denied. Now What?
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 […]
Will Foreclosure Affect My Spouse’s Credit?
When facing foreclosure, wanting to protect your spouse is a natural instinct. Whether your foreclosure will affect your spouse depends upon whether the mortgage loan was a joint debt. Going through a foreclosure is never easy. But a foreclosure is even more stressful when it affects loved ones, especially a spouse. Love makes you ask yourself the question: […]
Top 5 Ways to Bounce Back After a Foreclosure
A foreclosure stays on your credit for seven years. But the effects of foreclosure on your credit immediately start to diminish once the foreclosure has been completed. The same isn’t true for people. Losing a home is tough. Here are the Top 5 Ways to Bounce Back After a Foreclosure. 1. Find the Right Place to Live […]
Does Foreclosure Show Up on a Background Check?
Running a personal background check can tell a potential employer or landlord a lot about you. Today’s background checks include more than just your criminal record. Background checks also reveal prior addresses, previous employers, and your credit history. But does foreclosure show up on a background check? Foreclosure Will Appear on Your Background Check To […]
Will Partial Payments Delay Foreclosure?
If you have missed mortgage payments, you may wonder: Will partial payments delay foreclosure? In most cases, unfortunately, the answer is No. If your mortgage company actually accepts your payment, they will not apply it to your most recent bill. To stop or delay a foreclosure, you must get the bank to agree (in writing) […]
Missed Mortgage Payments: Your Options If You Default
If you have too many missed mortgage payments, your mortgage company will no longer accept payments from you. After too many missed mortgage payments (typically three), your lender will instead insist upon payment in full of the entire amount past due. The amount of missed mortgage payments, plus penalties and interest, is called the “arrearage.” […]
How Long Does Foreclosure Stay on a Credit Report?
If you are facing foreclosure or have already been through foreclosure, you may wonder: How Long Does Foreclosure Stay on a Credit Report? Most of my clients who are facing foreclosure want to keep their properties. There are lots of options for those facing foreclosure in DC, Maryland or Virginia. If you want to save […]
Loss Mitigation Waterfall Should Continue Post-MHA
In July 2016 the Consumer Financial Protection Bureau (CFPB) released a report titled Guiding Principles for the Future of Loss Mitigation. The report lists several “lessons learned” from the financial crisis and makes recommendations to mortgage lenders and servicers for a post-MHA era. One specific suggestion is the permanent adoption of the loss mitigation “waterfall” model. The […]