A new bill in the Maryland legislature would reduce the time that lenders have to collect debt owed on a mortgage after a house has been foreclosed on. Right now, lenders can collect outstanding mortgage debt up to 12 years after a foreclosure, a process known as deficiency judgment. This means that homeowners who went into foreclosure might have to pay their remaining debt long after the foreclosure process. In addition, the interest on this debt continues to accrue during this time, so by the time lenders come to collect, the amount owed can easily have ballooned by tens of thousands of dollars.
The new bill, sponsored by Senator Jamie B. Raskin, would reduce the time that lenders have to collect remaining mortgage debt to 180 days after the foreclosure. However, this provision would only apply to homeowners who went into foreclosure after the law passes, if it does pass. Homeowners who have already been foreclosed on would still be at risk of a long wait for possible debt collection.
That’s why it pays to look for options other than foreclosure. If you’re under threat of foreclosure now, you don’t have time to wait and see if a law does or doesn’t pass. Talk to Grays Home Solutions today about how you can avoid foreclosure in Maryland. You can start getting your finances back on track now without having to worry about debt collectors knocking on your door in 12 years.
Finding a buyer for your home doesn’t have to be a difficult process. Gray’s Home Solutions will buy your home quickly. We’re looking for properties of all types across the state of Maryland. Whether you’ve got a townhouse in Frederick, a rowhome in Baltimore, a rancher in Carroll County or a duplex in Rockville, we’d like to make you an offer. It doesn’t matter if your house is in pristine condition or if it has seen better days, we buy it all. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home. Now there’s an offer that you can’t refuse.
Even if you’re not looking for a buyer, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.
Are you interested in learning more about selling your home fast? Our ebook has a ton of great information for you. We also have an ebook with information on how to avoid foreclosure, available for download here. They’re both free, so give them a look. You can also connect with Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.
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