The best way to recover from DC foreclosures is to let your lender know when you will not be able to make a payment. Lenders usually end up losing money in the foreclosure process and do not actually want to foreclose on your house.
Lenders therefore have an interest in exploring all possibilities in Washington D.C. foreclosure recovery, including forbearance, partial claim, payment modification and payment suspension. More of these options will be available if you are only one or two payments behind.
There are three key actions to take in the Washington DC foreclosure recovery process:
- Review and answer all correspondence from your lender. These notices will contain important information on the foreclosure recovery process in Washington DC and any pending legal actions.
- Make a missed payment by raising money quickly. You may be able to sell a second car, jewelry or other assets, or a family member may be able to get an extra job.
- Avoid foreclosure recovery scams. Many companies will charge you for information you could get for free. Others may ask you to sign over the title to your house.
Action Steps
The best contacts and resources to help you get it done
Know how Washington DC foreclosure laws will affect you
Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Washington DC. You should also read your loan documents to know what your lender can do if you can't make your payments.
I recommend: Foreclosurelaw.org offers a summary of Washington DC foreclosure laws and a glossary of common foreclosure terminology.
Foreclosure Prevention Services works for you, not your lender, and provides a free pre-foreclosure analysis with no obligation.
Get assistance with DC foreclosure information
There are housing counselors and online resources available to get DC foreclosure help, assist you in organizing your finances and negotiate with your lender if needed.
I recommend: The
Homeownership Preservation Foundation offers a hotline that provides free foreclosure prevention counseling by HUD-approved agencies.
DebtAdvice.org is a service provided by the National Foundation for Credit Counseling and allows you to locate housing counselors based on your zip code and search radius.
Retain one of the many DC foreclosure attorneys
You may need one of the available Washington DC foreclosure lawyers to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Washington DC foreclosure law, he or she may be able to make a referral.
I recommend: Henry M. Terrell specializes in real estate transaction for clients in the District of Columbia.
Bregman, Berbert, Schwartz & Gilday is a full-service law firm that specifically includes foreclosures in its areas of practice.
Tips & Tactics
Helpful advice for making the most of this Guide
- You may want to include refinancing in your Washington DC foreclosure process if you have built-up some equity in your home. You would usually require at least 10% equity to have a reasonable chance at refinancing and it will be easier with more equity. However, you don't want to simply take out a new loan to repay the original mortgage.
The official source of Washington, D.C. Foreclosure Recovery is
the Washington, D.C. Foreclosure Recovery page at Business.com
Related Resources from Business.com
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