Tuesday, December 30, 2008


Are you already in Pre-Foreclosure? Are you receiving notices from your lender regarding past due charges and late payments? Have you received a Notice Of intent to foreclosure sale on your home? These actions are all signs of a coming foreclosure sale of your property. If you are experiencing any of these things, do not ignore these notices, as there still may be hope to keeping your home. Once the realization surfaces of a possible foreclosure of your real estate, you need to spring into action quick. Start with your local state and government agencies. If your real estate is in DC, then contact the DC Government website and find links that are associated with your real estate problem. Some programs are available that may be able to stop foreclosure of your dc realestate property. If your real estate is in Maryland, then there are foreclosure prevention resources that are available there also. Be sure to check with licensed lenders, banks, and lending institutions also. They offer assistance and ways to work with the homeowner to avoid a foreclosure sale. The most common tactics used are:

Special Forbearance Package
Loan Modification

These methods are used to assist the home owner and prevent your property from going to a foreclosure sale.

If your real estate property is possibly going to go to foreclosure sale or is already in pending foreclosure sale, it is important to understand your foreclosure prevention options. There are several possibilities that can help your foreclosure problem. The terms to consider are as follows:
Reinstatement – This is the process which your lender may be willing to accept the total debt in a lump sum payment.

Forbearance – This is when your lender may allow you to reduce of suspend payments for a short time and then agree to another option to restructure your loan. This is often used in addition to Reinstatement, if the lender knows that they will have a lump sum of money at a certain time.

Repayment plan – This is a method used which includes getting an agreement to resume making your regular monthly payments, plus a portion of the past due payments each month until you are caught up.

If you have additional questions regarding your foreclosure process, you will have to consult with your current lender. If you feel that this information is beneficial to you, please take a moment and fill out our survey to the left. There are links to DC Real estate agents and Maryland realtors that can assist you with listing and selling your home, if you would like to sell your home. If you are in the market to buy you can also click on the appropriate link below to be linked directly to a local licensed real estate agent.

DC Real Estate Agents
Maryland Real Estate Agents
Home Selling Services
Home Buying Services
Real Estate Home page

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