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Responding to Foreclosure - Maryland Offers Homeowners Legal Defenses to Prevent Or Delay Foreclosure
With the rising tide of mortgage foreclosure actions, Maryland has implemented new legal protections for homeowners. The laws are meant 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 as well as the importance of submitting an answer if they have been served using a foreclosure complaint.
The newest legal protections went into effect in April, 2008.
[ http://shortsaleexpertmaryland.com/ebook what is short sale vs foreclosure] - The aim is to make sure that homeowners get increased time to research alternatives. In responding to foreclosure criticisms, homeowners should assess whether their lender complied with the procedural requirements that are newest. A homeowner should particularly increase the lender's noncompliance with all the law as an affirmative defense in their response to the foreclosure criticism where the mandatory notices were not correctly served. By declaring the affirmative defenses that are recently available, homeowners might have the ability to delay foreclosure and motivate lenders to supply non-foreclosure alternatives, like short sales and loan modification.
Previously 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 contain special cautions and information.
[ http://youtu.be/0Ql5nh6gsE8 Maryland foreclosure expert] - Like other states, Maryland experienced record quantities of foreclosures in 2009. Prince George's County and Baltimore County have experienced the highest amount of foreclosures overall. However, every portion of the state has affected. Foreclosure filings in August, 2009 were up by more than 70% as compared to August, 2008. These dismal statistics reflect the increase in unemployment, large variety of high-interest mortgages, and property values that are crumbling. When served with foreclosure complaints even answers should file. Homeowners who answer foreclosure charges are often competent to impede the foreclosure procedure. In many instances, homeowners who have filed responses to foreclosure complaints have found that their lenders are somewhat more ready to take into account various alternatives, including loan modifications and short sales, that were unavailable previously.
[ http://shortsaleexpertmaryland.com/ebook Maryland foreclosure expert] - Foreclosure reply forms are not too difficult to complete and file with the court, and are available for downloading. A foreclosure response do not need to be long or complicated. The primary function is to set forth any affirmative defenses which might be pertinent, also to deny those allegations in the complaint which are not true. In foreclosure cases, answers commonly feature 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 appropriate notice periods; and (c) the lender failed to personally serve the foreclosure summons and complaint. All these are some of the affirmative defenses a homeowner should consider declaring within their response form.
