Ruthie724
De BISAWiki
Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Delay Or Prevent Foreclosure
The laws are intended to: (a) shield homeowners that have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with information about alternatives to foreclosure and the significance of submitting an answer when they are served using a foreclosure complaint.
The latest legal protections went into effect in April, 2008. Among other protections, the newest laws: (a) mandate that lenders provide the homeowner using a written notice of intention 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 release a notice of sale in a paper at least three times before the foreclosure sale may take place; and (e) give homeowners the opportunity to pay delinquent payments up until one day prior to the scheduled auction.
[ http://youtu.be/0Ql5nh6gsE8 what does short sale mean] - The aim would be to make sure that homeowners are given increased time to explore alternatives to foreclosure. In responding to foreclosure complaints, homeowners should ascertain whether their lender complied with all the procedural requirements that are brand new. A homeowner should especially raise the lender's noncompliance with all the law as an affirmative defense in their answer to the foreclosure complaint, where the mandatory notices were not properly served. By claiming the affirmative defenses that are just available, homeowners might have the ability to delay foreclosure and prompt lenders to supply non-foreclosure alternatives, like loan adjustment and short sales.
Previously the Maryland legislature passed laws requiring lenders to provide special notice. This law took effect on May 26, 2005 and, among other things, requires that foreclosure notices contain advice and specific warnings.
[ http://youtu.be/0Ql5nh6gsE8 what does short sale mean] - Like other states, Maryland experienced record quantities of foreclosures. Baltimore County and Prince George's County have experienced the highest variety of foreclosures total. On the other hand, the upsurge in foreclosure rates has affected every section of the state. These grim statistics represent the upsurge in unemployment, large variety of high-interest mortgages, and property values that are crumbling. The most distressed homeowners should file answers when served with foreclosure grievances. Homeowners who answer foreclosure charges are generally able to impede the foreclosure procedure. In many cases, homeowners that have filed answers to foreclosure charges have found that their lenders are somewhat more ready to take into account various options, including short sales and loan adjustments, that are not made available previously.
[ http://youtu.be/0Ql5nh6gsE8 short sale hardship letter] - Foreclosure response forms therefore are not too difficult to complete and file with the court, and are available for download. A foreclosure answer do not need to be complex or lengthy. The main function is to set forth any affirmative defenses that might be appropriate, also to deny those allegations in the charge which are false. These are just a few of the affirmative defenses to foreclosure that a homeowner should consider declaring within their reply form.
