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Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Prevent Or Delay 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 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 filing an answer if they may be served using a foreclosure complaint.
The newest legal protections went into effect. Among other protections, the new laws: (a) mandate that lenders provide the homeowner using a written notice of intent 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 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 prior to the foreclosure sale may take place; and (e) give homeowners the opportunity to cover overdue payments up until one day prior to the scheduled auction.
[ http://youtu.be/0Ql5nh6gsE8 Maryland foreclosure expert] - The aim would be to ensure that homeowners are given increased time to investigate alternatives to foreclosure. In reacting to foreclosure complaints, homeowners should ascertain whether their lender complied with the procedural requirements that are brand new. A homeowner should particularly increase the lender's noncompliance with the law as an affirmative defense in their own answer to the foreclosure complaint where the required notices were not correctly served. By maintaining the affirmative defenses that are newly accessible, homeowners may have the ability to delay foreclosure and motivate lenders to supply non-foreclosure options, including loan modification and short sales.
Formerly the Maryland legislature passed laws requiring lenders to provide specific notice. This law took effect and, among other things, requires that foreclosure notices contain specific cautions and data.
[ http://shortsaleexpertmaryland.com/ebook what is short sale vs foreclosure] - Like other states, Maryland experienced record numbers of foreclosures. Prince George's County and Baltimore County have experienced the highest amount of foreclosures total. But, every section of the state has impacted. Statewide, foreclosure filings 2009 , in August were up by more than 70% as compared to August, 2008. These grim statistics represent the increase in unemployment, large variety of high-interest mortgages, and property values that are crumbling. Even answers should file when served with foreclosure complaints. Homeowners who answer foreclosure complaints are normally competent to slow the foreclosure process. In many instances, homeowners who have filed answers to foreclosure complaints have found that their lenders tend to be more willing to take into account various alternatives, including short sales and loan alterations, that were unavailable previously.
[ http://shortsaleexpertmaryland.com/ebook Maryland short sale Realtor] - Foreclosure response forms therefore are relatively simple to complete and file with all the court, and can be found for download. A foreclosure answer need not be extended or complex. The main purpose will be to deny those allegations in the charge that are not true, and to set forth any affirmative defenses which might be applicable. All these are some of the affirmative defenses to foreclosure a homeowner should think about declaring in their own response form.
