Stop Maryland Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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Maryland Foreclosure Process |
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If you do not FULLY understand the foreclosure process outlined on this page and how it may apply to you please take advantage of our FREE consultation by clicking here.
Judicial foreclosure available: Yes
Non-Judicial foreclosure available: No (but assent to
decree is allowed)
Maryland offers two basic methods of foreclosure:
- power of sale foreclosure, in which the lender or
another person named in the mortgage or deed of trust, may sell the property
and
- assent to decree foreclosure, in which the borrower
agrees to permit the court to order foreclosure.
In either case, however, the lender must file a lawsuit
in court to foreclose. The same is true if the mortgage instrument lacks either
a power of sale clause, or an assent to decree clause, but in that event, the
lawsuit will be more complicated.
When the mortgage contains a power of sale or assent to
decree clause, and if 25 percent of the involved lenders (as measured by the
percentage of the total dollars of mortgage debt against the property) consent
or make application for sale, then no service of process, answer or hearing is
required. This simplifies the lawsuit. On the other hand, if the mortgage
contains neither a consent to a decree clause nor a power of sale clause, or if
a foreclosure sale is desired prior to the court's final decree, then there
must be service of process, an answer and a hearing. However, in the latter
case, 25 percent of the lenders do not have to join in filing the initial
lawsuit.
Power of Sale Foreclosure
Power of sale clause foreclosures must be done under
court supervision in Maryland. A person desiring foreclosure must file a
lawsuit asking for foreclosure pursuant to the power of sale clause. The lender
must do the following:
- Include in the lawsuit paperwork a sworn statement of
the amount of the mortgage debt and a certified copy of the mortgage.
- Post bond for the amount approved by the clerk.
- Publish notice of the time, place and terms of the
sale once a week for three weeks prior to the sale, with al least 15 days'
notice of the foreclosure sale.
- Mail the foreclosure notice by certified mail, return
receipt requested, to the borrower no less than 10 and no more than 30 days
before sale.
- The notice must also be mailed to the present owner
and holder of any junior mortgage or other lien that has been recorded who also
recorded a request for notice.
Assent To Decree Foreclosure
Under an assent to decree foreclosure, the lender must
file a lawsuit in court to foreclose. The court will then enter a decree
ordering the property to be sold and appoint the trustee to conduct the sale.
The trustee must post a bond and sell the property according to the terms fixed
by the court. The court will later confirm the sale.
Deficiency
In Maryland a deficiency judgment may be obtained if the
lender makes a motion for it within three years after the accounting for the
foreclosure is complete.
Redemption
Maryland foreclosure proceedings take place as an action
under equity law. Maryland has not seen fit to establish a specific time limit
on how long the borrower has to wait to redeem real estate lost in foreclosure.
However, the Doctrine of Laches prevents this time period from being
unreasonably long. |
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