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Know your options when facing foreclosure in Washington, D.C.

The threat of losing a home is very real for many people living in and around Washington, D.C. If you have concerns about making your mortgage payments, you should know the options at your disposal. At Ammerman & Goldberg “Bankruptcy” Law Office, we take the time to outline possible courses of action for homeowners with financial distress.

The Federal Trade Commission points out that one of the first things you can do is try to talk with your mortgage lender. You may be able to do one of the following: 

  • Negotiate a lower interest rate
  • Come up with a repayment plan to make up for missed installments
  • Ask for a reinstatement in which you will pay the lender your past-due amount by an agreed-upon rate
  • Secure a forbearance, which will suspend or reduce your payments for a certain period of time

You may also qualify for the Making Home Affordable Modification Program, which can drop your payments to just 31 percent of your gross income. You must meet certain qualifications, such as owing less than $729,750 and having secured the loan prior to Jan. 1, 2009.

The FTC also notes that you could try to sell your home, depending on the local market. As a last resort, many people file for personal bankruptcy. Doing so can give you a fresh financial start and it can create an automatic stay on your mortgage debt until you determine what to do moving forward.

For more information on this topic, please visit our page on fighting a foreclosure.

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1115 Massachusetts Ave NW,
Washington, DC 20005
Phone: 202-559-1428

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Fairfax Station, VA 22039
Phone: 703-550-7030

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Cabin John, MD 20818
Phone: 301-890-4500

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