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



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

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) demand the foreclosure court papers be personally served upon the borrower; (d) require lenders to publish 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 delinquent payments up until one day ahead of the scheduled auction.

[ http://youtu.be/0Ql5nh6gsE8 how to short sale Maryland] - The goal is to make sure that homeowners receive increased time to research alternatives to foreclosure. In reacting to foreclosure complaints, homeowners should ascertain whether the new procedural requirements were complied with by their lender. Where the mandatory notices are not properly served, a homeowner should expressly increase the lender's noncompliance with the law as an affirmative defense in their response to the foreclosure complaint. By claiming the just available affirmative defenses, homeowners may be able to delay foreclosure and motivate lenders to offer non-foreclosure options, including short sales and loan adjustment.

Formerly, in 2005, the Maryland legislature passed laws requiring lenders to offer specific notice. This law took effect on May 26, 2005 and, among other things, requires that foreclosure notices comprise special warnings and data.

[ http://youtu.be/0Ql5nh6gsE8 short sale process Maryland] - As with other states, Maryland experienced record quantities of foreclosures in 2009. Prince George's County and Baltimore County have experienced the greatest amount of foreclosures total. However, every section of the state has influenced. Foreclosure filings in August, 2009 were up by more than 70% as compared to August, 2008. These dismal figures represent the upsurge in unemployment, large amount of high-interest mortgages, and property worth that are crumbling. When served with foreclosure criticisms, even answers should file. Homeowners who answer foreclosure complaints are often able to slow the foreclosure process. In many instances, homeowners that have filed responses to foreclosure charges have discovered that their lenders are more ready to contemplate various options, including loan adjustments and short sales, that are not made available previously.

[ http://shortsaleexpertmaryland.com/ebook foreclosure process Maryland] - Foreclosure reply forms therefore are relatively easy to complete and file with the court, and can be found for download. A foreclosure reply need not be complicated or extended. The principal function is to set forth any affirmative defenses which might be related, and to deny those allegations in the charge which are not true. In foreclosure cases, answers often feature 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 just a few of the affirmative defenses to foreclosure a homeowner should consider asserting within their reply form.