Tag Archives: foreclosure help

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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Different Bankruptcy Chapters Offer Different Protections When Facing Foreclosure

I spent most of last week discussing news about foreclosures, but this week I would like to focus on the differences between Chapter 7 and Chapter 13 bankruptcy specifically for the people who are considering filing because of a foreclosure. While both chapters can offer certain forms of foreclosure help, it is important for all potential filers to choose the option that will best coincide with their long-term goals. Generally speaking, when it comes to foreclosure, clients wanting to save their homes file for Chapter 13 while clients who want to give up their houses or simply cannot afford to save them file for Chapter 7. Again, a qualified Washington DC or Maryland bankruptcy lawyer may help you secure an automatic stay through either Chapter 7 or Chapter 13, but how long that stay allows you to remain in your home will depend on how far behind you are on…
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‘Tis the Season for Foreclosures

Last month, the state attorneys general and the nation’s biggest mortgage lenders reaching a $25 billion settlement over the industry’s alleged foreclosure abuses. It appears that the banks are now addressing the backlog of homes with mortgages that had gone unpaid during the process of reaching that settlement. The Associated Press reported on March 15, 2012, that the foreclosure listing firm RealtyTrac Inc. said that foreclosure activity increased across 26 states where courts supervise the process, while 24 states where the courts do not play a role in the process saw activity decline. WTOP-FM reported that the number of foreclosures in Maryland in February rose 28 percent from the month before and were 22 percent higher from a year ago. In terms of default notices—the first step in the foreclosure process—Maryland posted the second-largest annual increase in the nation, with a 157 percent spike in default notices, according to the…
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