Patrick Duffy's Real Estate Blog

Putting Zillow to the Test in Northern Virginia

Zillow.com is a very popular consumer site which touts itself as a leading online real estate marketplace dedicated to helping homeowners, buyers, sellers, renters, and real estate professionalsfind and share vital information about homes, real estate, and mortgages.”  Agreed!  Where I urge consumers to tread with caution, is relying too heavily on Zillow’s Zestimate® – [...]

Northern Virginia Homebuyers and Sellers, check out the latest MarketWatch

Foreclosure Alternatives: Bankruptcy

A bankruptcy may stop a foreclosure and allow a homeowner to reorganize his debt and keep his property. The reality however is that most of the time this is not the case and the bankruptcy only stalls the foreclosure.

Foreclosure Alternatives: Deed-in-Lieu of Foreclosure

A Deed-in Lieu (DIL) of Foreclosure is sometimes referred to as a “friendly foreclosure” since the homeowner essentially gives the Deed back to the bank. The bank agrees to take the Deed back in exchange for the property and the homeowner and back part ways with no further recourse.

Foreclosure Alternatives: Mortgage Loan Modification

A Loan Modification is a change to one or more of the terms of a loan. For example, this could take the form of a lower interest rate, as in going from 7.5% to 5.5%. Or, it could involve extending the term of the loan, as in going from a 30 year term to a 40 year term. Whatever the case may be, the goal is to reduce the mortgage payment to one that the homeowner can manage and allow them to maintain ownership of their home.

Foreclosure Alternatives: Forbearance

Our second foreclosure alternative to look at is forbearance (or repayment plan). Think of forbearance as reinstatement on a payment plan rather than in one lump sum. Much like the reinstatement we looked at yesterday this is a good option for homeowners experiencing a temporary hardship and the homeowner will be required to pay their lender what they are owed.

Foreclosure Alternatives: Reinstatement

In my first of a series of posts on foreclosure avoidance options, we will look at the quickest way to “get back in the good graces” of your lender – reinstatement.

Foreclosure Alternatives: In Depth

In a previous post, I provided a list of alternatives to foreclosure with a brief description of what they are. In the coming days, I will provide a closer look at each of the alternatives. A wealth of foreclosure resources can also be found at www.NorthernVaShortSaleHelp.com.

FSBO Tips for Selling Your Woodbridge Home

Selling a home is complicated and full of legal issues that anyone considering selling “by owner” needs to be aware of. However, two of the most important things you need to know in order to be successful as a FSBO (for sale by owner) home seller have nothing to do with legal issues.