What options do I have if I'm facing foreclosure?

If you are facing foreclosure in the District of Columbia, there are several options available to you. The first is to contact your lender immediately. Although it may seem like a daunting task, you’ll be able to explain the circumstances and negotiate with the lender, whether it be in the form of a repayment plan, loan modification, or forbearance agreement. You can also consider refinancing your mortgage with another lender. Refinancing might be able to save you money by lowering your monthly payments and interest rate. Another option is to pursue a short sale. This process allows you to sell your home for less than is due on your mortgage. In this case, you and your lender agree to accept a lesser amount to satisfy the note. Finally, filing for bankruptcy will stop the foreclosure process and allow you time to catch up on any late payments. Depending on the type of bankruptcy filed, it may also be possible to discharge some or all of your debt. Whichever option you choose, it is important to consult with a qualified attorney experienced in residential real estate law before taking action. This will ensure that your rights are protected throughout the process.

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