Gussie335
De BISAWiki
Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Delay Or Halt Foreclosure
With the rising tide of mortgage foreclosure actions, Maryland has executed new legal protections for homeowners. The laws are intended to: (a) shield homeowners that have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with info about alternatives to foreclosure and the importance of submitting an answer when they are served with a foreclosure complaint.
The latest legal protections went into effect in April, 2008.
[ http://youtu.be/0Ql5nh6gsE8 what is short sale vs foreclosure] - The goal is always to ensure that homeowners receive increased time to investigate alternatives to foreclosure. Homeowners should assess whether their lender complied with the procedural requirements that are brand new in reacting to foreclosure grievances. Where the required notices weren't correctly served, a homeowner should specifically raise the lender's noncompliance to the foreclosure complaint together with the law as an affirmative defense in their response. By maintaining the recently available affirmative defenses, homeowners might have the ability to delay foreclosure and move lenders to offer non-foreclosure options, including loan modification and short sales.
Formerly, in 2005, 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 comprise information and special cautions.
[ http://shortsaleexpertmaryland.com/ebook Maryland short sale Realtor] - As with other states, Maryland experienced record quantities of foreclosures. Prince George's County and Baltimore County have experienced the greatest variety of foreclosures total. But, the increase in foreclosure rates has impacted every area of the state. Foreclosure filings in August, 2009 were up by more than 70% as compared to August, 2008. These grim figures reflect the increase in unemployment, large number of high-interest mortgages, and crumbling property values. When served with foreclosure complaints even answers should file. Homeowners who answer foreclosure complaints are usually competent to slow the foreclosure procedure. In many cases, homeowners that have filed answers to foreclosure charges have discovered that their lenders are somewhat more willing to contemplate various options, including short sales and loan alterations, that were unavailable previously.
[ http://shortsaleexpertmaryland.com/ebook short sale hardship letter] - Foreclosure answer forms are relatively easy to complete and file with the court, and are available for downloading. A foreclosure reply do not need to be extended or complex. The principal function is to set forth any affirmative defenses which may be pertinent, and to concisely deny those allegations in the charge that are bogus. In foreclosure cases, responses frequently include these affirmative defenses: (a) the mortgage was entered into fraudulently or in breach of the Truth in Lending Act; (b) the lender did not comply with applicable notice periods; and (c) the lender failed to personally serve the foreclosure summons and complaint. These are just a few of the affirmative defenses to foreclosure a homeowner should think about claiming in their answer form.
