The one
word that strikes pain and fear in homeowners is Foreclosure. But today, being
threatened with foreclosure or even receiving formal notices from the bank
doesn’t mean you’ll lose your home. You still have some options.
Negotiating
with the Lender
Your
best approach is to start negotiating with your lender as quickly as you can.
• You
may be able to get temporary relief from having to make monthly payments (forbearance).
• A
plan to make up for missed payments, at the end of your mortgage
Of
course, there are many stories I’m sure you’ve heard where lenders won’t return
phone calls or simply refuse to negotiate; however, it is always wise to start
with this option since later down the road, you can bring this up as a defense
to show they wouldn’t cooperate early on. You can negotiate directly with the
lender or work through a non-profit housing counseling agency.
Filing
for Bankruptcy
Chapter
13 – with this type of filing you are able to develop a plan for making your
regular monthly payments and paying off the arrears. If the bankruptcy court
approves your plan, you’ll have between three and five years to make your
payments. Chapter 13 also reduces or eliminates your total debt load, making
your mortgage more affordable. In many situations, you can eliminate a second
or third mortgage and reduce your first primary mortgage to the market value
and probably reduce the interest rate to just above the prime rates.
Chapter
7 – with this type of filing you are able to wipe out your unsecured debt like
credit cards, personal loans, medical debt, judgments, etc. This will free up
more of your funds so you can place the money towards your mortgage. Chapter 7
may not be appropriate for you; because of the equity, if any, in your home, a
Chapter 7 filing could trigger the sale of the home.
Fight
the Foreclosure in Court
If you
can show that the lender or mortgage servicing party violated your state or
federal rights, you may be able to derail the foreclosure, at least
temporarily. An increasing number of courts are siding with the borrower when
it comes to presenting documented evidence of ownership. Because of the way
mortgages have been sold and resold, the evidence is either lost or
procedurally inadequate, meaning, your paperwork was not completed correctly.
Violations
of federal lending rules and other federal and state laws regarding consumer
transactions may provide protection against foreclosure.
It’s
very important to contact a lawyer and if you cannot afford one, get in touch
with legal aid to see if you are eligible for free legal representation.
I
specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I
have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot
and Company, I bring special tools and solutions that enable me to exceed the
expectations of my clientele. If you
are considering listing your property in Loudoun County or the nearby areas,
ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business. I am experienced in listing and selling
short sales. For information on the
short sale process, please visit www.LoudounShortSaleSolutions.com.
My
past awards and designations include – 2003 President of the Dulles Association
of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the
year 2000 Dulles Area Assoc of Realtors,
Top Producer awards from both the Dulles Area Association and the
Northern Virginia Association of Realtors.
I am a member of the Top 5 in Real Estate Network.
I
have lived in Loudoun County since 1979. I am married with two grown children and two grandchildren. My son in law is my business partner in real
estate. I love to jog in the mornings
and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and
Solutions – Helena Talbot, Broker. I specialize in
helping buyers and sellers invest in real estate in the Northern Virginia area
to include Loudoun County and surrounding areas including Fairfax, Clarke,
Fauquier, Prince William Counties. Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac
Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club,
Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round
Hill and Bluemont.
Cell 703.727.9885 Office
703.574.3800 www.facebook.com/LoudounCountyConnect www.twitter.com/ExitAshburn www.Linkedin.com/in/HelenaTalbot
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