7 Ways to Stop a Foreclosure Sale Fast
If you have a foreclosure auction scheduled, then you must act fast. Here are the top seven ways to stop a foreclosure sale fast. Reinstatement. Mortgage reinstatement is your first and best option when facing foreclosure. When you reinstate your mortgage, you pay a lump sum to catch up your missed mortgage payments, late fees […]
Will a Loan Modification Hurt My Credit Score?
If you fall behind on your mortgage, you have options, but you must be proactive. One of the best ways to get back on track with your mortgage is loan modification. But will a loan modification hurt your credit score? Loan modification can hurt your credit score The biggest negative effect to your credit from […]
Six Common Foreclosure Mistakes
If your mortgage lender commences foreclosure proceedings, educate yourself about the process so you can chart the best way forward for you. You have options — but do your best to avoid the most common foreclosure mistakes. Believing that once the foreclosure process starts, you will lose the property. Not so fast. Your lender must […]
What is Foreclosure Loss Mitigation?
Foreclosure loss mitigation is the process that mortgage lenders use to work with homebuyers who are behind on their mortgages. You may be able to modify your mortgage, obtain approval of a short sale, or otherwise more efficiently surrender the property to your lender. Loss mitigation in Virginia and Maryland is very different from loss […]
9 Options When You Can’t Afford Your Mortgage Anymore
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 […]
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 […]
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 […]
Beware of Temporary Mortgage Modifications
On December 1, 2010, Chris Dodd’s final Senate hearing featured testimony from senior Fannie Mae and Freddie Mac executives. These execs blame mortgage servicers for triggering the mortgage meltdown. As a bankruptcy lawyer practicing in Washington, D.C. and Virginia, I have had several clients report the following scenario to me about temporary mortgage modifications. The homeowner […]