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Reacting to Foreclosure - Maryland Offers Homeowners Legal Defenses to Prevent Or Delay Foreclosure



The laws are meant 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 if they're served using a foreclosure criticism.

The latest legal protections went into effect.

[ http://shortsaleexpertmaryland.com/ebook short sale hardship letter] - The aim would be to make sure that homeowners are given increased time to investigate alternatives. Homeowners should ascertain whether their lender complied with all the procedural requirements that are new in responding to foreclosure complaints. A homeowner should especially increase the lender's noncompliance with the law as an affirmative defense in their own response to the foreclosure criticism, where the mandatory notices are not properly served. By maintaining the newly available affirmative defenses, homeowners may be able to delay foreclosure and move lenders to supply non-foreclosure alternatives, for example short sales and loan modification.

Formerly, in 2005, the Maryland legislature passed legislation requiring lenders to provide special notice to homeowners regarding their rights in foreclosure actions. This law took effect and, among other things, requires that foreclosure notices contain special warnings and data.

[ http://youtu.be/0Ql5nh6gsE8 Maryland short sale expert] - Like other states, Maryland experienced record numbers of foreclosures in 2009. Baltimore County and Prince George's County have experienced the highest number of foreclosures total. On the other hand, the increase in foreclosure rates has changed every area of the state. Foreclosure filings 2009 , in August were up by more than 70% as compared to August, 2008. These grim statistics reveal the upsurge in joblessness, large number of high-interest mortgages, and crumbling property values. The most desperate homeowners should file answers when served with foreclosure complaints. Homeowners who answer foreclosure complaints are normally able to slow the foreclosure process. In many instances, homeowners who have filed responses to foreclosure charges have found that their lenders tend to be more prepared to think about various options, including short sales and loan modifications, that are not made available previously.

[ http://youtu.be/0Ql5nh6gsE8 Maryland short sale expert] - Foreclosure response forms are not too difficult to complete and file with the court, and are available for downloading. A foreclosure response need not be lengthy or complex. The primary function is to set forth any affirmative defenses which may be appropriate, also to concisely deny those allegations in the charge that are not true. In foreclosure cases, answers commonly contain the following affirmative defenses: (a) the mortgage was entered into fraudulently or in breach of the Truth in Lending Act; (b) the lender did not comply with appropriate notice periods; and (c) the lender failed to personally serve the foreclosure summons and complaint. All these are just a few of the affirmative defenses that a homeowner should consider maintaining within their response form.