What Is Mortgage Reinstatement?
Mortgage reinstatement is your first and best loss mitigation option when facing foreclosure. Mortgage reinstatement means catching up your missed mortgage payments, along with all associated late fees and charges. To reinstate, you must pay the full amount due and owing in a single lump sum. Mortgage companies rarely accept reinstatement amounts less than the amount […]
What Is Preforeclosure?
Preforeclosure (or pre-foreclosure) is the period between default on a mortgage and the formal, legal foreclosure process. Mortgage companies typically distinguish these stages by the length of delinquency. The formal foreclosure process in Virginia and Maryland commences between three and six months of default. Foreclosures in Washington, DC typically begin between four and 10 months […]