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Reacting to Foreclosure -



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

The latest legal protections went into effect.

how to short sale Maryland - The goal will be to ensure that homeowners receive increased time to investigate alternatives. In reacting to foreclosure grievances, homeowners should ascertain whether their lender complied with the brand new procedural requirements. Where the required notices were not correctly served, a homeowner should specifically raise the lender's noncompliance with the law as an affirmative defense in their own response to the foreclosure criticism. By maintaining the just accessible affirmative defenses, homeowners might have the ability to delay foreclosure and motivate lenders to supply non-foreclosure alternatives, like short sales and loan modification.

Previously the Maryland legislature passed laws requiring lenders to offer special notice to homeowners regarding their rights in foreclosure actions. This law took effect on May 26, 2005 and, among other things, requires that foreclosure notices contain information and special warnings.

foreclosure process Maryland - Like other states, Maryland experienced record numbers of foreclosures in 2009. Prince George's County and Baltimore County have experienced the greatest amount of foreclosures total. However, the increase in foreclosure rates has changed every part of the state. These dismal figures represent the increase in unemployment, large number of high-interest mortgages, and property values that are crumbling. Even answers should file when served with foreclosure criticisms. Homeowners who answer foreclosure charges are usually able to slow the foreclosure process. In most cases, homeowners that have filed answers to foreclosure complaints have found that their lenders are more prepared to contemplate various alternatives, including loan modifications and short sales, that were not made available previously.

short sale process Maryland - Foreclosure reply forms are available for download, and therefore are relatively simple to complete and file with the court. A foreclosure response need not be complicated or long. The principal purpose would be to deny those allegations in the charge that are fictitious, and to set forth any affirmative defenses which may be relevant. In foreclosure cases, responses commonly comprise 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 applicable notice periods; and (c) the lender failed to personally serve the foreclosure summons and complaint. All these are just some of the affirmative defenses to foreclosure a homeowner should think about claiming in their own reply form.