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Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Delay Or Prevent Foreclosure
Using the rising tide of mortgage foreclosure actions, Maryland has implemented new legal protections for homeowners. The laws are intended to: (a) shield homeowners who have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with information about alternatives to foreclosure and the need for filing an answer when they're served with a foreclosure criticism.
The latest legal protections went into effect in April, 2008. Among other protections, the brand new laws: (a) mandate that lenders supply 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) demand the foreclosure court papers be personally served upon the borrower; (d) require lenders to publish a notice of sale in a newspaper at least three times prior to the foreclosure sale can take place; and (e) give homeowners the opportunity to cover late payments up until one day prior to the scheduled auction.
[ http://youtu.be/0Ql5nh6gsE8 Maryland short sale Realtor] - The goal will be to ensure that homeowners get increased time to explore alternatives. In reacting to foreclosure criticisms, homeowners should assess whether their lender complied with the procedural requirements that are newest. Where the mandatory notices are not correctly served, a homeowner should specifically increase the lender's noncompliance with all the law as an affirmative defense in their own answer to the foreclosure complaint. By declaring the affirmative defenses that are just available, homeowners might have the ability to delay foreclosure and inspire lenders to supply non-foreclosure options, such as short sales and loan adjustment.
Previously the Maryland legislature passed legislation requiring lenders to supply 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 specific warnings and data.
[ http://shortsaleexpertmaryland.com/ebook Maryland short sale Realtor] - Like other states, Maryland experienced record numbers of foreclosures in 2009. Baltimore County and Prince George's County have experienced the highest amount of foreclosures complete. However, every section of the state has impacted. These grim figures reveal the increase in unemployment, large amount of high-interest mortgages, and property values that are crumbling. The most distressed homeowners should file answers when served with foreclosure grievances. Homeowners who answer foreclosure charges are normally able to slow the foreclosure process. In many cases, homeowners who have filed responses to foreclosure complaints have discovered that their lenders are far more willing to take into account various alternatives, including short sales and loan modifications, that are not made available previously.
[ http://youtu.be/0Ql5nh6gsE8 Maryland short sale Realtor] - Foreclosure reply forms therefore are relatively simple to complete and file with all the court, and can be found for download. A foreclosure response will not need to be long or complex. The primary purpose would be to concisely deny those allegations in the charge that are bogus, and to set forth any affirmative defenses which may be pertinent. In foreclosure cases, responses frequently contain these affirmative defenses: (a) the mortgage was entered into fraudulently or in violation of the Truth in Lending Act; (b) the lender failed to comply with appropriate 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 consider maintaining within their response form.
