Facing foreclosure is always scary but if you can’t pay your mortgage then you will quickly hear from your lender seeking a solution to the problem. All of the documents you will receive during this process can be overwhelming especially when you are already stressed out about the possibility of losing your home and ruining your credit history. In this week’s blog, we give you a simplified overview of how the foreclosure process works in Maryland and the steps you can take to avoid foreclosure.
There are steps you can take to stop foreclosure on your Maryland home.
How Does the Foreclosure Process Work in Maryland?
Maryland foreclosure timeline
After missing a mortgage payment, you will generally receive a Notice of Intent to Foreclose (NOI) within 45 days. As soon as you receive this notice you must act immediately! Ignoring the problem will not make it go away so it is in your best interest to respond promptly. After you receive the NOI, within 45 days a formal foreclosure may be filed in Court. When this happens, you will be served with an “Order to Docket.” According to Maryland law, you are entitled to request foreclosure mediation if you so choose but you must file your request within 105 days of your initial missed payment. If you do not request it then your home may be sold on the 135th day after the initial missed payment.
Foreclosure mediation
If you choose, you may request foreclosure mediation. This process allows you the chance to have a meeting with a representative from your lending institution and a neutral, third-party mediator who will help try to find an alternative to foreclosure such as a payment plan. In order to request foreclosure mediation, you’ll need to complete the form sent by your lender entitled “Request for Mediation.” Be sure to return this form as soon as you receive it so that you do not accidentally miss your window of opportunity.
Avoid Maryland foreclosure
If you’re looking for a quick and simple solution to your foreclosure, consider selling your home with Grays Home Solutions. We’re a home buyer working in Hagerstown and throughout Maryland and the Tri-state area. What are some of the benefits to working with us?
- We’ll make an offer no matter where your home is, what condition it’s in, or how much you owe.
- You won’t need to do any repairs on your home.
- We may be able to pay you in cash.
Sell Your Home With Grays Home Solutions
Interested in learning more? Use our fast response contact form or call us at 240-347-3141. We’re a free service and we’re here to help.