Category Archives: Foreclosure

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

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…
Read More »

Posted in Foreclosure | Tagged | Leave a comment

What is a Zombie Foreclosure?

In the past, we talked about vampire foreclosures, which is when a bank seizes a property, while the owners of the home still live in it. This week we will discuss another monster of a topic called zombie foreclosures. These foreclosures sometimes happen due to a misunderstanding. For instance, a homeowner receives a foreclosure notice. She or he assumes that the lender will take over the property, so he or she collects his or her belongings and moves away, leaving the property behind. Some people leave their property when the foreclosure process takes too long. The zombie foreclosure comes into play after the homeowner has packed his or her bags and left and the foreclosure, for whatever reason, ends up being cancelled. This means the sale never took place and that the house remains in the vacated homeowner’s name. These properties can often be left untouched and fall into disrepair,…
Read More »

Posted in Baltimore, Foreclosure | Leave a comment

How Can Bankruptcy Save My Home from Foreclosure?

Are you worried that you are going to lose your home to a foreclosure this holiday season? Well, there is some good news, as Fannie Mae and Freddie Mac have announced that they will temporarily halt foreclosure evictions until January 2, 2015. “[The] announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move,” said Chris Bowden, senior vice president of REO at Freddie Mac, according to CNN. Even though evictions will be delayed, the agencies said that all legal and administrative processes would continue through the holidays. The agencies also said that notices for default and auction sales would also proceed as scheduled. CNN reported that if a foreclosure sale were completed during the halt, homeowners would not have to leave their homes until January 2. JPMorgan Chase also said it would observe a moratorium on evictions throughout the holiday season, according to…
Read More »

Posted in Bankruptcy, Foreclosure | Leave a comment