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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) protect homeowners that have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with information about alternatives to foreclosure as well as the importance of filing an answer if they've been 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 give you the homeowner using a written notice of intention to foreclose at least 45 days just before 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 that 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 can take place; and (e) give homeowners the ability to pay overdue payments up until one day ahead of the scheduled auction.

how to short sale Maryland - The aim will be to ensure that homeowners receive increased time to investigate alternatives. Homeowners should determine whether their lender complied with all the procedural requirements that are newest in reacting to foreclosure complaints. A homeowner should specifically increase the lender's noncompliance with all the law as an affirmative defense in their own answer to the foreclosure complaint where the required notices were not properly served. By claiming the affirmative defenses that are just available, homeowners might be able to delay foreclosure and prompt lenders to supply non-foreclosure alternatives, such as loan modification and short sales.

Formerly, in 2005, the Maryland legislature passed laws requiring lenders to supply special notice. This law took effect and, among other things, requires that foreclosure notices include special warnings and advice.

[ http://youtu.be/0Ql5nh6gsE8 short sale hardship letter] - Like other states, Maryland experienced record numbers of foreclosures. Baltimore County and Prince George's County have experienced the greatest amount of foreclosures overall. However, the escalation in foreclosure rates has changed every area of the state. These dismal figures reveal the upsurge in unemployment, large number of high-interest mortgages, and crumbling property worth. Even the most desperate homeowners should file answers when served with foreclosure criticisms. Homeowners who answer foreclosure complaints are usually able to slow the foreclosure procedure. In many cases, homeowners who've filed replies to foreclosure charges have discovered that their lenders are somewhat more willing to think about various options, including short sales and loan alterations, that were unavailable previously.

short sale hardship letter - Foreclosure reply forms so are relatively simple to complete and file with the court, and can be found for download. A foreclosure response will not need to be complex or lengthy. The principal purpose is to concisely deny those allegations in the complaint which are not true, also to set forth any affirmative defenses that might be appropriate. In foreclosure cases, responses commonly contain these affirmative defenses: (a) the mortgage was entered into fraudulently or in violation of the Truth in Lending Act; (b) the lender didn't comply with appropriate notice periods; and (c) the lender failed to personally serve the foreclosure summons and complaint. All these are some of the affirmative defenses that a homeowner should consider asserting within their reply form.