Real estate agents ranked the 10th Most Stressful Job in 2010 by careercast.com. In the Washington, D.C. area, I often hear from agents and sellers who have a ton of equity in their homes, but who simply can’t afford to make their mortgage payments. Moreover, they don’t qualify for refinancing or an additional an equity loan to tide them through rough times or unemployment. Facing foreclosure, you may need just a few extra weeks for you to find a buyer and close the deal.
When a mortgage company initiates foreclosure proceedings, the bulk of the costs involved (filing and attorneys fees) are incurred up front. Subsequently, mortgage companies have little incentive to interrupt the process until title has been transferred and the homeowner has vacated.
Chapter 13 bankruptcy is the only legal mechanism to put a stop to foreclosure. Filing Chapter 13 can provide you “breathing room” by putting an immediate stop to a scheduled foreclosure sale. I have filed a last-minute bankruptcy in Washington, D.C. and Virginia for numerous clients, in order to delay foreclosure. Bankruptcy is your very last option if your mortgage company has commenced foreclosure proceedings against you.
If you are seeking to stop foreclosure in Washington, D.C. or Virginia, read my article File Chapter 13 to Delay Foreclosure. If you are facing foreclosure, you must act quickly. Call me at (202) 448-5136 to discuss your options.
Related posts:
- How to Stop a Foreclosure in Alexandria Virginia
- Foreclosure vs. Mortgage Modification in Alexandria Virginia
- File Chapter 13 Bankruptcy to Delay Foreclosure
- Can Refinancing Stop a Foreclosure?
- How Do I Save My Home From Foreclosure in Washington DC?
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