Getting a New Mortgage After a Foreclosure
Getting a new mortgage after a foreclosure can be challenging under certain circumstances. But if you want to buy another home, take heart because it is possible. Generally speaking, you will not be able to obtain a mortgage sooner than two years of a foreclosure. But you will be able to get another mortgage after […]
Homeowners Association Foreclosure in DC, MD & VA
A homeowners association (“HOA”) or condo board in Washington, D.C., Maryland or Virginia has super-priority status over even first mortgage holders. Homeowners association foreclosure in the DMV is subsequently quite common. If you are unable to pay your condo or coop fees, your HOA can and will foreclose against your home. Homeowners association foreclosure procedures […]
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: […]
Good Credit is So Important
Do you want to buy a home? Maybe you want to rent? Do you want to buy a car? Or a boat, or a wedding ring? Do you want to borrow some money and make improvements to your home? Or would you like to start a business? You will need good credit to do all of […]
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 […]
Will I Owe Money After Foreclosure?
Many people who call our office want to save their homes from foreclosure. In other cases, a foreclosure has already taken place. There are many different reasons why a foreclosure may be scheduled, ranging from market conditions to change in homeowner circumstances. One of the lingering effects of the foreclosure crisis is the rise of the deficiency […]
Washington DC Area Tops List for CFPB Complaints Nationwide
As of March 1, 2016, the Consumer Financial Protection Bureau (CFPB) handled approximately 834,400 complaints, including approximately 22,800 complaints. The Washington, DC area has three of the top seven jurisdictions for CFPB complaints per capita. By a wide margin, Washington, D.C. leads the nation in CFPB complaints per capita with 713 complaints per 100,000 residents. […]
How Long After Bankruptcy Until I Can Buy a Home?
You finished your bankruptcy and got rid of your debts. Now you may be asking yourself: How long after bankruptcy until I can buy a home? The chapter of bankruptcy matters It may not surprise you, but lenders view Chapter 7 and Chapter 13 bankruptcies very differently. Chapter 7 is the quick and easy process […]