Foreclosure Starts and Completions Fall in Maryland
According to a recent study, the number of home entering the foreclosure process dropped in Maryland in the last couple of months. In addition, foreclosures that resulted in a sale also fell as well according to Corelogic, a real estate research firm.
This is good news for homeowners on several fronts. First, it means that fewer homeowners are defaulting on their loans and that more are receiving loan modifications prior to the institution of foreclosure procedures. The fact that less homes are going to a sale is also a sign of the progress made through mediation and loss mitigation to modify terms to make sure loans are affordable.
It is a welcome sign especially because some have suggested that because Maryland’s foreclosure laws offer more stringent protections for homeowners than other states that this may be delaying the inevitable foreclosure by prolonging the process. We will see if this trend continues.