Bankruptcy Could Save Your Home
If you are coping with foreclosure, bankruptcy could save your home. While bankruptcy might not just make your mortgage go away, if you want to keep your home, bankruptcy gives you options. Whether or not you’re facing foreclosure, bankruptcy could make your home both more affordable and more valuable. You have other options besides bankruptcy, […]
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, […]
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 […]
Washington, D.C. Officials Combat Foreclosures
On October 27, 2010, Washington D.C. Attorney General Peter Nickles issued a homeowner-friendly Statement of Enforcement. The statement prohibits the commencement of any foreclosure against a D.C. homeowner unless the current mortgage note holder demonstrates the note’s recordation with the District’s Recorder of Deeds. The statement was intended to combat foreclosures initiated without proper documentation. Washington, […]
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 […]
What is a Reaffirmation Agreement?
In bankruptcy, a reaffirmation agreement refers to a contract between the debtor and a secured creditor. The reaffirmation (or “reaff”) is an agreement that waives the discharge of a debt that would otherwise be discharged. They allow the debtor to keep collateral that may otherwise be subject to repossession. Reaffirmation agreements are usually filed on […]
What is the Bankruptcy Discharge?
What is the Bankruptcy Discharge? Usually, the whole reason to declare bankruptcy is to obtain the bankruptcy discharge. Once you have received your discharge in bankruptcy, no discharged creditor can take any enforcement action against you, ever. In other words, the discharge order forever prohibits any type of collection effort against you for a discharged […]
What is a Deed in Lieu of Foreclosure?
A “deed in lieu of foreclosure” is the legal transfer of ownership of real property to the primary mortgage holder. The deed in lieu of foreclosure, sometimes simply called “deed in lieu,” is an option to avoid foreclosure. A deed in lieu conveys the homeowner’s interest in the property back to the lender, usually in exchange for forgiveness […]
What is the Statement of Intention?
When a homeowner files for Chapter 7 bankruptcy protection, the very first page of the bankruptcy filing that the mortgage company turns to is the Statement of Intention. The Statement of Intention (or Statement of Intent) discloses the debtor’s intention toward secured property, like cars and homes. In the Statement of Intention, the debtor states […]