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Reacting to Foreclosure -
With the rising tide of mortgage foreclosure actions, Maryland has implemented new legal protections for homeowners.
The most recent 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 intent to foreclose at least 45 days prior to 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) require 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 before the foreclosure sale can take place; and (e) give homeowners the ability to pay overdue payments up until one day ahead of the scheduled auction.
[ http://youtu.be/0Ql5nh6gsE8 Maryland short sale Realtor] - The goal will be to ensure that homeowners receive increased time to research alternatives. Homeowners should determine whether their lender complied with all the procedural requirements that are newest in responding to foreclosure criticisms. Where the required notices were not properly served, a homeowner should specifically raise the lender's noncompliance to the foreclosure criticism with all the law as an affirmative defense in their response. By maintaining the newly available affirmative defenses, homeowners may have the ability to delay foreclosure and motivate lenders to provide non-foreclosure options, like short sales and loan adjustment.
Previously the Maryland legislature passed legislation 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 special warnings and information.
[ http://shortsaleexpertmaryland.com/ebook short sale process Maryland] - 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. However, every section of the state has changed. Statewide, foreclosure filings in August, 2009 were up by more than 70% as compared to August, 2008. These dismal statistics reveal the increase in unemployment, large amount of high-interest mortgages, and crumbling property values. Even answers should file when served with foreclosure grievances. Homeowners who answer foreclosure complaints are generally able to slow the foreclosure process. In most cases, homeowners who have filed responses to foreclosure complaints have found that their lenders tend to be more prepared to consider various alternatives, including short sales and loan adjustments, that are not made available previously.
Maryland foreclosure expert - Foreclosure answer forms so are not too difficult to complete and file with all the court, and can be found for download. A foreclosure answer will not need to be long or complex. The principal purpose would be to deny those allegations in the complaint which are not true, and to set forth any affirmative defenses which might be pertinent. In foreclosure cases, replies commonly comprise these affirmative defenses: (a) the mortgage was entered into fraudulently or in violation 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 some of the affirmative defenses to foreclosure a homeowner should think about maintaining in their own reply form.
