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Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Delay Or Stop Foreclosure
With all 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 can be served using a foreclosure criticism.
The newest legal protections went into effect in April, 2008. Among other protections, the newest laws: (a) mandate that lenders supply the homeowner with a written notice of intention to foreclose at least 45 days ahead of 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 before the foreclosure sale can take place; and (e) give homeowners the opportunity to cover delinquent payments up until one day ahead of the scheduled auction.
[ http://shortsaleexpertmaryland.com/ebook Maryland short sale expert] - The goal is always to ensure that homeowners receive increased time to research alternatives to foreclosure. Homeowners should determine whether their lender complied with all the procedural requirements that are new in reacting to foreclosure grievances. A homeowner should expressly raise the lender's noncompliance with the law as an affirmative defense in their response to the foreclosure complaint, where the mandatory notices are not correctly served. By declaring the affirmative defenses that are just available, homeowners might be able to delay foreclosure and motivate lenders to provide non-foreclosure options, like loan modification and short sales.
Previously the Maryland legislature passed laws requiring lenders to provide 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 cautions and advice.
[ http://youtu.be/0Ql5nh6gsE8 what is short sale vs foreclosure] - Like other states, Maryland experienced record quantities of foreclosures in 2009. Prince George's County and Baltimore County have experienced the greatest number of foreclosures complete. On the other hand, the upsurge in foreclosure rates has impacted every part of the state. These grim figures represent the increase in joblessness, large quantity of high-interest mortgages, and property worth that are crumbling. Even answers should file when served with foreclosure complaints. Homeowners who answer foreclosure charges are often able to impede the foreclosure procedure. In many instances, homeowners who've filed responses to foreclosure charges have found that their lenders tend to be more ready to contemplate various options, including short sales and loan adjustments, that were unavailable previously.
[ http://youtu.be/0Ql5nh6gsE8 what does short sale mean] - Foreclosure reply forms can be found for download, and therefore are relatively simple to complete and file with the court. A foreclosure response need not be complicated or lengthy. The primary purpose is to set forth any affirmative defenses which may be pertinent, and also to concisely deny those allegations in the charge that are not true. These are just some of the affirmative defenses to foreclosure a homeowner should consider claiming in their own answer form.
