While foreclosures and bankruptcies are less in the news now than they were a few years ago, they're still taking place at an alarming rate. Homeowners often succumb to this action against them when they aren't aware of what they can do to protect themselves, the steps they should take, and the process and regulations which are in place. With this quick guide, you'll learn what to do to stop foreclosures in Maryland, whether or not you need the assistance of foreclosure lawyers in Maryland, and more.
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All of the latest Maryland laws and regulations can be found online at the Department of Labor, Licensing and Regulation website, located at DLLR.State.MD.US, amongst other places. They are also available as resources at the Maryland State Bar Association website, MSBA.org.
Now you can prepare yourself with the knowledge that foreclosure lawyers in Maryland already have. For example, a lender cannot merely stand up at anytime and choose when to file foreclosure against you. In Maryland, lenders have to wait 90 days from the time your loan is in default, and they must have sent you a Notice of Intent to Foreclose 45 days before the case is filed.
One misconception is that if you aren't served papers directly, then the case isn't valid. However, in Maryland, lenders are allowed to post the notice on your property or send the notice through certified mail if they are unable to serve you directly.
Another Maryland regulation on foreclosure is the requirement of the lender to post the sale in a newspaper with local circulation for three successive weeks, with the first advertisement not less than 15 days prior to the date of the sale, and the last one not more than 7 days from the date of the sale. The homeowner also must be contacted no later than 10 days prior to the scheduled sale directly, through certified, first class mail.
The bottom line is that if you're facing foreclosure, you need to take action as quickly as possible. You can begin the process by contacting the lender directly, but from there, hiring foreclosure lawyers in Maryland will be the soundest and most successful strategy.
Together with your attorney, you'll be able to figure out if filing for bankruptcy is a worthwhile path to pursue, and which chapter of bankruptcy you're eligible for. They'll be able to handle all of the necessary paperwork, logistics and court filings, so that you know nothing was missed or overlooked.
It's almost never too late to get started and stop foreclosure in Maryland. You can pay overdue payments and fees as late as one business day before the sale, and with several months of time to prepare before that, you can take appropriate legal action to protect yourself.
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