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Reacting to Foreclosure - Maryland Offers Homeowners Legal Defenses to Delay Or Halt Foreclosure
The laws are intended to: (a) protect homeowners that have been fraudulently induced to enter into high-interest loans; and (b) provide homeowners with information about alternatives to foreclosure as well as the significance of submitting an answer if they have been served with a foreclosure criticism.
The newest legal protections went into effect in April, 2008. Among other protections, the newest laws: (a) mandate that lenders give you the homeowner with a written notice of intent 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 the foreclosure court papers be personally served upon the borrower; (d) require lenders to release a notice of sale in a newspaper at least three times before 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 aim is always to ensure that homeowners receive increased time to investigate alternatives to foreclosure. In responding to foreclosure complaints, homeowners should determine whether their lender complied with the newest procedural requirements. A homeowner should expressly increase the lender's noncompliance with all the law as an affirmative defense in their response to the foreclosure complaint where the required notices are not correctly served. By declaring the affirmative defenses that are newly available, homeowners may be able to delay foreclosure and inspire lenders to offer non-foreclosure options, including short sales and loan modification.
Formerly, in 2005, the Maryland legislature passed laws requiring lenders to supply specific notice. This law took effect and, among other things, requires that foreclosure notices contain information and special cautions.
[ http://youtu.be/0Ql5nh6gsE8 short sale hardship letter] - Like other states, Maryland experienced record quantities of foreclosures. Baltimore County and Prince George's County have experienced the greatest amount of foreclosures complete. However, every area of the state has changed. Statewide, foreclosure filings 2009 , in August were up by more than 70% as compared to August, 2008. These dismal statistics represent the upsurge in unemployment, large amount of high-interest mortgages, and crumbling property worth. Even answers should file when served with foreclosure grievances. Homeowners who answer foreclosure charges are normally able to slow the foreclosure procedure. In many cases, homeowners who've filed answers to foreclosure charges have found that their lenders tend to be more ready to contemplate various alternatives, including loan modifications and short sales, that were unavailable previously.
[ http://shortsaleexpertmaryland.com/ebook foreclosure process Maryland] - Foreclosure answer forms are relatively simple to complete and file with all the court, and are available for downloading. A foreclosure reply need not be lengthy or complex. The main purpose would be to deny those allegations in the charge which are fictitious, also to set forth any affirmative defenses which may be relevant. In foreclosure cases, replies frequently feature the following 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 some of the affirmative defenses that a homeowner should think about claiming within their answer form.
