Category Archives: Foreclosure

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

Why Washington D.C. is Struggling With Company Foreclosures

Washington D.C. is a busy and thriving city with many families and busy workers. Foreclosures can happen in housing areas and neighborhoods that are rapidly growing and changing. The process of a residential foreclosure, however, is pretty different than the process for businesses. Here’s some news on a recent company foreclosure in the D.C. area, and how this news explains what’s happening with commercial real estate in the city. What’s in the News? The D.C. area has the highest number of unpaid CMBS loans, which are commercial real estate loans. A large office building owned by Heyman Enterprises in the southwest D.C. area has decided to foreclose. One of the company’s partners owes over $95 million from a CMBS loan taken out in 2006 on the property. The debt expired about a year ago, and it represents one out of 40 unpaid CMBS loans in the D.C. area. This surge…
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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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