Tag Archives: automatic stay

Careful Consideration Needed to Take Best Advantage of Automatic Stay

Losing your home to foreclosure can have a significantly more negative impact on your credit score than filing bankruptcy, which is why it is in your best interest to contact a Maryland or Washington DC bankruptcy attorney as soon as you need foreclosure help. If you have been unable to successfully negotiate with your lender, receive government help or even sell your home, a lawyer can examine your situation and let you know what options are available to you. Whether you should file Chapter 7 or Chapter 13 bankruptcy in avoiding foreclosure depends largely on how far behind you are on mortgage payments, whether or not you are currently employed and how much equity you have in your home. The good news is that either a Chapter 7 or Chapter 13 bankruptcy will cause the court to issue an order containing an “automatic stay,” which directs creditors to cease collection…
Read More »

Posted in Bankruptcy | Tagged | Leave a comment

Loan Limits Set To Drop

The maximum size of loans that Fannie Mae, Freddie Mac and the Federal Housing Administration can guarantee is set to fall October 1 unless Congress acts, the Wall Street Journal reported on September 15, 2011. While the new limits vary by location, Washington DC is among markets that will drop from the current $729,750 to $625,500. According to the Journal, many Democrats want to block the change but many Republicans “see allowing the limits to drop as a way to reduce the U.S. mortgage market’s dependence on government support.” Many banks have already started in pricing in the lower limits, as the Journal noted that applications for mortgages between $625,500 and $729,750 fell 34 percent in August, according to Mortgage Bankers Association data. Overall, mortgage applications fell 14 percent. As the options for homeowners struggling through hard times get fewer and far between, it is important to remember that you…
Read More »

Posted in Foreclosure | Tagged | Comments Off on Loan Limits Set To Drop