Resources on Maryland Foreclosures
Maryland foreclosures rose dramatically during 4th quarter 2007. As real estate values dropped across the country and in Maryland, many Baltimore-area homeowners are now facing the foreclosure process or in danger of it.
Many Maryland residents are asking: How can I save my home from foreclosure? If you are one of them and have turned to the Internet to answer the question, know that the Internet can be a dangerous place to find information on foreclosures or the foreclosure process. Beware of the numerous online scam artists who offer foreclosure rescue scams to desperate homeowners.
- || Update: The Maryland General Assembly passed an emergency measure in its 2008 legislative session that prohibited a notice of foreclosure on a mortgage or deed of trust of a residential property from being filed until 90 days after default or 45 days after a notice of intent to foreclose is sent, whichever is later. The law has already gone into effect. ||
But the more you know about foreclosure, the better able you are to avoid it. This article provides links to reputable sources (government or non-profit agencies) of information on foreclosure in Maryland.
Note: Anything under the heading "Sponsored Links" or "Baltimore Ads" is not part of this article. These ads are automatically generated based on the content of this page. Most likely, they are for-profit companies.
Avoiding Foreclosure in Maryland
If you have received a notice of foreclosure or other communication regarding missed mortgage payments from your mortgage company do not ignore it. You must take action in order to avoid foreclosure on your home. Contact your lender immediately.
If you fear that foreclosure is a possibility because you cannot afford your mortgage payments, selling your home before the problem goes as far as foreclosure is one option. Find a real estate agent in Baltimore.
- From About.com's Guide to Real Estate:
- Avoiding Foreclosure - article has lots of links to definitions of terms like amortization, ARM, Notice of Default, etc.
- Short Sale - article explains this possible alternative to foreclosure.
Maryland Foreclosure Resources
This list of government agencies and non-profits in Maryland can be a valuable resource in learning about foreclosure laws and regulations in Maryland. These groups offer loans, information, refinancing options and counseling to homeowners who are at risk for foreclosure. While these links may not be able to answer all your questions, they can help point you in the right direction.
- MDHope.org - (Home Owners Preserving Equity) - This organization, which is part of Maryland Department of Housing & Community Development, provides access to counseling services and resources for Maryland homeowners needing to refinance. Its loan program offers loans up to $15,000 to homeowners who need a short-term gap loan because of financial difficulty.
- FHASecure - This program, which is through HUD's Federal Housing Administration, is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs) an opportunity to refinance. This is a national program.
- Maryland Department of Labor, Licensing, & Regulation (MDLL) - Expansive Q&A section about foreclosures and tips on avoiding foreclosure rescue scams. According to MDLL, "In Maryland, the lender is NOT REQUIRED to notify the homeowner/borrower of the pending foreclosure proceedings before the sale date is set by the court."
- Maryland State Bar Association - Foreclosure Proceedings in Maryland - Q&A answering questions like "What will happen if my property is to be foreclosed?" and "Is it too late to prevent the sale of my property?" (The answer is maybe not, if you take action ASAP.)
- HUD Approved Housing Counseling Agencies in Maryland - This list of housing counseling agencies in Maryland comes from the U.S. Government's Department of Housing and Urban Development (HUD).
- Maryland Attorney General Office - Foreclosure Counseling Services Law - Link provides a list of housing counselors specializing in foreclosures as well as advice to homeowners facing foreclosure.
Low Cost or Free Legal Assistance
If your finances have gotten out of control, you may need legal help. But lawyers can be expensive. These organizations may be able to help.- Maryland Legal Aid Bureau - a private, non-profit law firm providing free legal services to low-income people in Maryland
- Maryland's Peoples Law Library - online collection of legal information and self-help website maintained by the Maryland State Law Library
- Maryland Legal Services Corporation (MLSC) - collection of links from this organization that was established by the Maryland General Assembly to raise funds and make grants to nonprofit organizations for the provision of civil legal assistance to low-income persons
- Maryland Senior Legal Hotline - PDF about legal services hotline for Marylanders age 60 and up from Maryland Legal AssistanceNetwork (MLAN)
