What is Foreclosure? How Do You Stop Foreclosure? Help!
Washington DC Foreclosure Attorney Can Save Your Home
Foreclosure starts when a mortgage payment is missed, leading to the lender seizing and trying to sell the house.
You never think it is going to happen to you. You feel like you have everything under control only to discover too late that your financial life had begun unravelling a while ago, but you were too busy treading water to deal with it. Suddenly, you are drowning in debt, in danger of losing everything you have worked so hard for and possibly facing bankruptcy. Worst of all, you feel powerless to stop it. Creditors are calling you constantly, threatening to sue you, garnish your wages and even foreclose on your home. The latter often leaves homeowners scrambling for answers to questions, such as:
- What is foreclosure?
- How serious is foreclosure?
- Does foreclosure really allow the bank to put my family out on the street?
If you are facing a foreclosure, the first thing you should know is that you are not alone. There is foreclosure help available to you that you can afford. So, do not ever think that you have no options. You have more power than you realize. You can regain control of your financial future and keep your home in the process.
What is Foreclosure?
Foreclosure is a process that allows the bank to sell your home to pay back their debt if you default on your mortgage payments.
How foreclosure happens:
- You fall behind on your payments and default. There are several reasons that homeowners do not make mortgage payments on time or at all. In some cases, mortgage borrowers may not be able to pay due to hard times, including divorce, medical problems or unemployment.
- Your lender files a public notice. Generally, if a homeowner fails to make mortgage payments for three to six months, their lender will submit a Notice of Default to the County Recorder’s Office. In some states, lenders must post the notice on the front door of the property. The Notice of Default makes a homeowner aware that he or she could be evicted from the property. If that happens, the homeowner loses any rights concerning the property.
- You enter pre-foreclosure. This a grace period that generally lasts from 30 to 120 days. During this time, the homeowner and lender can negotiate an arrangement to avoid foreclosure. This may include a short sale or a way for the borrower to pay the outstanding balance.
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Request the District of Columbia’s Foreclosure Mediation Program
Homeowners in DC can participate in the District of Columbia’s Foreclosure Mediation Program (FMP). Mediation is an out-of-court alternative. In it, the homeowner, the homeowner’s attorney and the lender will sit with an objective mediator to work out alternatives to foreclosure. If a homeowner requests mediation, the lender must temporarily halt the foreclosure process and participate in the mediation.
Unlike a courtroom with a judge, the mediator will not make any decisions. Only the parties can mutually agree to settle the dispute regarding the bank loan and foreclosure.
Kevin D. Judd has experience representing DC homeowners in foreclosure mediation. He will guide you through the process and advocate for your interests throughout the negotiations. To participate in this program, homeowners must act quickly. Once homeowners receive a Notice of Default from a lender, they must request mediation within 30 days.
