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Responding to Foreclosure -



With the rising tide of mortgage foreclosure actions, Maryland has executed new legal protections for homeowners. The laws are meant to: (a) shield homeowners that have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with info about alternatives to foreclosure and the importance of submitting an answer when they are served with a foreclosure criticism.

The latest legal protections went into effect. Among other protections, the new 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) require 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 prior to the foreclosure sale can take place; and (e) give homeowners the opportunity to cover overdue payments up until one day prior to the scheduled auction.

what does short sale mean - The aim is to ensure that homeowners are given increased time to investigate alternatives. In reacting to foreclosure grievances, homeowners should determine whether their lender complied with all the procedural requirements that are new. Where the required notices are not correctly served, a homeowner should specifically raise the lender's noncompliance to the foreclosure complaint together with the law as an affirmative defense in their response. By claiming the affirmative defenses that are newly available, homeowners may have the ability to delay foreclosure and move lenders to provide non-foreclosure options, such as short sales and loan modification.

Formerly, in 2005, the Maryland legislature passed legislation requiring lenders to supply specific notice. This law took effect and, among other things, requires that foreclosure notices comprise specific warnings and data.

[ http://shortsaleexpertmaryland.com/ebook Maryland foreclosure expert] - Like other states, Maryland experienced record quantities of foreclosures in 2009. Baltimore County and Prince George's County have experienced the highest number of foreclosures overall. On the other hand, the upsurge in foreclosure rates has impacted every section of the state. Foreclosure filings in August, 2009 were up by more than 70% as compared to August, 2008. These grim statistics reflect the increase in joblessness, large variety of high-interest mortgages, and crumbling property values. When served with foreclosure criticisms even answers should file. Homeowners who answer foreclosure complaints are usually competent to impede the foreclosure process. In many instances, homeowners who have filed answers to foreclosure complaints have discovered that their lenders tend to be more willing to take into account various alternatives, including loan alterations and short sales, that were unavailable previously.

[ http://shortsaleexpertmaryland.com/ebook what is short sale vs foreclosure] - Foreclosure reply forms are relatively easy to complete and file with all the court, and can be found for downloading. A foreclosure reply need not be extended or complicated. The primary function is to set forth any affirmative defenses which may be applicable, also to deny those allegations in the charge which are bogus. All these are just some of the affirmative defenses a homeowner should think about claiming in their reply form.