Baltimore Foreclosure Lawyer: Maryland Leads in Foreclosures
Maryland leads in the number of foreclosures in the country for the month of February according to Realty Trac. Behind Maryland is Nevada while Florida comes in Third in foreclosure sales. Both of these two states were hit hard by the foreclosure process and it seems that they are still working through those inventories. As some have suggested, Maryland’s generous and homeowner oriented foreclosure laws are a factor here. By making the foreclosure process a lot harder for banks and increasing the time it takes to foreclose, Maryland homeowners have had more time in their homes than prior to the changes in the law that went into effect after the foreclosure crisis began.
The delay in conducting foreclosures is good news for homeowners because that means for the proactive few there is more opportunity to try and save your home. Loan modifications take time. The lengthy foreclosure process also means that a homeowner is more likely to increase their income to qualify for a modification even if one was denied previously. I have seen this often where the year or so it takes to start the foreclosure process and sell a home in Maryland has allowed individuals to gain employment or switch to higher paying jobs. As a result, denials based on insufficient income have being reversed.
In addition, the lengthy time also allows homeowners to consider options such a chapter 13 reorganization. A chapter 13 bankruptcy can save one’s home by taking the default payments and paying them over a 3 or 5 year period. This repayment period is more affordable than the bank insisting on a lump sum payment to stop the foreclosure. Your bankruptcy case can be filed as late as minutes before the foreclosure sale occurs, but it is advisable that you seek legal counsel as soon as sale date is set if not before. There are requirements such as credit counseling certificates and gathering documents that take time. Therefore waiting at the last minute may make it difficult to file your case and save your home from a foreclosure sale.
If you or a loved one cannot afford your mortgage payments or are in foreclosure proceedings call me to discuss your options. The sooner you start the more likely that a positive outcome can be reached. My number is 410-849-9529.