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Reacting to Foreclosure -



With the rising tide of mortgage foreclosure actions, Maryland has implemented new legal protections for homeowners.

The latest legal protections went into effect in April, 2008.

[ http://shortsaleexpertmaryland.com/ebook short sale hardship letter] - The goal is always to make sure that homeowners get increased time to investigate alternatives. In reacting to foreclosure criticisms, homeowners should ascertain whether their lender complied with all the procedural requirements that are new. Where the mandatory notices were not correctly served, a homeowner should specifically raise the lender's noncompliance to the foreclosure criticism with the law as an affirmative defense in their answer. By maintaining the just accessible affirmative defenses, homeowners might be able to delay foreclosure and inspire lenders to provide non-foreclosure alternatives, for example loan modification and short sales.

Previously the Maryland legislature passed legislation requiring lenders to offer special notice to homeowners regarding their rights in foreclosure actions. This law took effect and, among other things, requires that foreclosure notices contain advice and special cautions.

[ http://shortsaleexpertmaryland.com/ebook what does short sale mean] - Like other states, Maryland experienced record numbers of foreclosures. Baltimore County and Prince George's County have experienced the greatest variety of foreclosures overall. However, every part of the state has affected. These dismal figures represent the upsurge in unemployment, large number of high-interest mortgages, and crumbling property values. The most desperate homeowners should file answers when served with foreclosure grievances. Homeowners who answer foreclosure complaints are generally able to impede the foreclosure process. In most cases, homeowners that have filed answers to foreclosure complaints have discovered that their lenders are somewhat more willing to consider various alternatives, including loan alterations and short sales, that were not made available previously.

[ http://shortsaleexpertmaryland.com/ebook Maryland foreclosure expert] - Foreclosure answer forms are relatively easy to complete and file with all the court, and can be found for download. A foreclosure reply will not need to be extended or complex. The principal purpose will be to concisely deny those allegations in the complaint which are not true, and to set forth any affirmative defenses which may be applicable. These are a few of the affirmative defenses to foreclosure that a homeowner should think about declaring in their own answer form.