Foreclosures In Maryland—Face it and Put a Stop to It!!!

According to a new survey, the State of Maryland has the highest foreclosure rate but until the foreclosure is complete, you still have hope and can still find ways to fight it. Although there is no hard and fast rule in stopping foreclosures in Maryland, as all depends on your unique situation, being proactive in fighting for your home is always the right thing to do.

Ways to Prevent Foreclosures in Maryland

Experts considered “robo-signing” as the primary culprit in the surge of Maryland foreclosures and the Federal Government is doing its best to mediate. There are things that you can do on your end to help yourself though, so read on.

1. Contact your lender immediately

Foreclosures in Maryland and Calling the Lender

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The typical reaction among homeowners when they receive a foreclosure notice is to avoid their lenders. This is a mistake. The best thing that you should do is to contact your lender and work out a solution to your problem. You should talk to their loss mitigation department and come up with a payment scheme that will make your mortgage current.

2. Ask your lender for the best solution

The law requires that lenders should be forthcoming to homeowners who have been delinquent with their mortgages and should be helpful in finding the best solution possible. Ask your lender to modify the loan so that the mortgage will become more affordable to you. This way, you have the chance to make your mortgage current.

3. Seek assistance from non-profit housing counselors

There are non-profit housing counselors that you can ask help from like the Consumer Credit Counseling Service of Maryland and Greater Baltimore Urban League. Tell them of your situation and ask them to participate in a three-way call with your lender. Although this call is not intended for mediation, you could at least come up an agreement without going through a formal mediation.

4. Drag your lender to court

If you can prove that your lender is in error and that you are indeed not in default, you better drag them to court. Remember, this is only a viable solution if you can prove with receipts that you are current with your mortgage.

5. File a Chapter 7 or 13 bankruptcy

When the mediation proceeding fails, you can file a Chapter 7 or 13 bankruptcy. This will put to stop all foreclosure proceedings and could be your last chance to save your home. If you plan to use this move, make sure to consult a foreclosure attorney first.

Although stopping foreclosures in Maryland is an uphill journey, it’s not an impossible one. Added to that, it may be the most rewarding thing to do. Fighting for the home you’ve worked hard to have is not only a right, it’s an obligation you owe yourself and family. So instead of just waving the white flag, put up a good fight and prevent foreclosure.

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