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Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Prevent Or Delay Foreclosure
With the rising tide of mortgage foreclosure actions, Maryland has implemented new legal protections for homeowners. The laws are intended to: (a) protect homeowners that have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with information about alternatives to foreclosure and the need for filing an answer when they may be served with a foreclosure complaint.
The latest legal protections went into effect. Among other protections, the brand new laws: (a) mandate that lenders give you the homeowner using a written notice of intent to foreclose at least 45 days prior to filing a foreclosure action in court; (b) require that lenders wait until 90 days after a default in payment before commencing a foreclosure case; (c) demand the foreclosure court papers be personally served upon the borrower; (d) require lenders to publish a notice of sale in a paper at least three times prior to the foreclosure sale may take place; and (e) give homeowners the opportunity to pay overdue payments up until one day ahead of the scheduled auction.
[ http://shortsaleexpertmaryland.com/ebook Maryland short sale expert] - The goal is to ensure that homeowners receive increased time to investigate alternatives to foreclosure. Homeowners should assess whether their lender complied with all the procedural requirements that are new in reacting to foreclosure criticisms. Where the mandatory notices were not correctly served, a homeowner should expressly increase the lender's noncompliance to the foreclosure complaint with all the law as an affirmative defense in their response. By asserting the affirmative defenses that are just available, homeowners may have the ability to delay foreclosure and move lenders to offer non-foreclosure options, for example loan modification and short sales.
Formerly, in 2005, the Maryland legislature passed laws requiring lenders to offer special notice. This law took effect on May 26, 2005 and, among other things, requires that foreclosure notices comprise data and special warnings.
[ http://youtu.be/0Ql5nh6gsE8 Maryland foreclosure expert] - As with other states, Maryland experienced record numbers of foreclosures. Baltimore County and Prince George's County have experienced the greatest variety of foreclosures total. However, every area of the state has changed. These dismal statistics reveal the increase in joblessness, large variety of high-interest mortgages, and crumbling property values. Even answers should file when served with foreclosure grievances. Homeowners who answer foreclosure charges are usually able to slow the foreclosure process. In many instances, homeowners that have filed responses to foreclosure charges have found that their lenders are far more prepared to take into account various alternatives, including loan modifications and short sales, that are not made available previously.
[ http://youtu.be/0Ql5nh6gsE8 short sale process Maryland] - Foreclosure answer forms are available for downloading, and are relatively simple to complete and file with the court. A foreclosure reply need not be complex or extended. The primary purpose is to set forth any affirmative defenses that might be related, also to deny those allegations in the complaint that are not true. These are just a few of the affirmative defenses a homeowner should think about claiming within their response form.
