Tag Archives: foreclosure help

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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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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