Legal Question in Bankruptcy in District of Columbia

I purchased a home in Washington, DC 3 years ago. A large bank financed the loan. The purchase price was $145,000.00 and to date, it appears that all of my morgage payments have gone towards interest. My latest morgage statement shows that the principle balance remains at $145,000.00. Do I have an equitable interest in the property?


Asked on 2/18/10, 6:03 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

You may have an interest-only loan. Those were common until about 3 years ago in order to minimize the payments that the borrower had to make. This does not affect the fact that you own the property (legally and equitably). The bank has a lien on it to secure repayment of the loan. You may want to make larger payments if you can afford them in order to reduce the principal.

Read more
Answered on 2/23/10, 6:28 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in District of Columbia