Category Archives: Foreclosure

Learn more about foreclosure, including the foreclosure process, how to stop foreclosure and how bankruptcy may prevent home foreclosure.

Can I Get a Mortgage Loan for Buying a Home After a Foreclosure?

Getting a mortgage loan for buying a home is already difficult without a foreclosure on your record. With one, you’ll generally have to be patient. Plenty of lenders will be willing to look past a history with a foreclosure, but you’ll have had to reestablish a good credit score since then. The amount of time needed with good credit since the foreclosure will depend on the loan you seek. Types of Mortgage Loans for Buying a Home Conventional loans – Conventional loans require the longest waiting period. They demand for you to wait seven years after a home foreclosure to apply for a loan. Another obstacle to getting a conventional loan is that they sometimes call for higher credit scores. VA loans – Department of Veteran-Affairs backed loans typically have a two-year waiting period. To be approved for one, you must have actively served in the military for a minimum…
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How to Protect Your Home from Foreclosure

If you’re struggling with your finances, losing the house may be your biggest fear, but there are a few steps you can take to protect your home from foreclosure. Here are some tips to help you avoid foreclosure in a difficult situation. How to Protect Your Home from Foreclosure Understand every option: There are a wide range of alternative options to foreclosure, including short-term borrowing solutions that help you make payments, and long-term solutions that help you rework your situation. The right solution will depend on the particulars of your circumstances. Make sure you are aware of every option before committing to one path. You can look at the Federal Reserve’s official Foreclosure Resources for Consumers to help you evaluate the different game plans. Research particulars before you involve your lender: Go over your mortgage and take a serious look at your budget to make sure you know your stuff…
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How Can D.C. Foreclosure Mediation Help You Avoid Foreclosure?

There is a foreclosure crisis happening in this country right now. If you are a homeowner trying to avoid foreclosure, you may benefit from talking to a qualified bankruptcy attorney. Many states and the District of Columbia have implemented new foreclosure mediation programs designed to help homeowners save their residences. What Is Foreclosure Mediation? Many of you are probably reading this thinking, “That sounds great! What is foreclosure mediation?” Foreclosure mediation is essentially a meeting between you, the creditors that own the home loan, and the mediator. In this meeting, you and the other party will try to work out a deal that allows you to avoid foreclosure altogether Common solutions reached in the mediation process include: Loan modification Custom payment plans Short sale Forbearance agreements Even if you surrender the property, you can at least avoid the long, grueling foreclosure process. How Can I Qualify? Now, if you’re still…
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