Maryland Foreclosures Second in the Nation
Maryland has 1 foreclosure property in every 513 houses for the second highest foreclosure rate in the country behind Florida according to a foreclosure date report report by MSN. Maryland appears to be the victim of its own lengthy foreclosure process which is not a bad thing! Homeowners across the state and those I have worked with personally benefit from a process that allows them ample opportunities to retain their homes if they so choose. Credit.Com says that the time between default and repossession of property can be as long as 629 days around the country.
As you may know, having gone through a loan modification, the bank s can waster a lot of time asking for endless amount of documents. Even worse documents sent in by or on behalf of homeowners seem to disappear faster than ever. Hence, one is often sending the same thing over and over again. The moral of the story is persistence! Keep at it until the bank gives you an answer.
Remember even if you have been turned down before you should stay abreast of developments in the loan modification arena because it is t in an ever changing system. In addition, as a last resort a chapter 13 bankruptcy filing can save your home by allowing you up to 60 months to pay off arrears. Bankruptcy also works magic for those who have had a modification in the past and are required to wait for 2 or more years before being eligible for another modification. If you successfully confirm your chapter 13 then you can apply for the loan modification once the two years is up.
In Maryland there are plenty of free resources to assist you with the loan modification if necessary. For more information go to: Maryland Hope.