Facing a foreclosure in Maryland – or anywhere for that matter – can be as inundating as a flood. But don’t worry – there’s a way to help you avoid feeling like you’re drowning over the prospect of losing your home. There are plenty of legitimate reasons why sellers go into foreclosure as a result of no longer being able to make payments on their home, including:
- Facing unemployment
- Taking medical leave at work
- Having overwhelming amounts of debt
- Struggling with expensive bill payments
- Divorce or disagreement about ownership
- Transferring jobs to a new state
What you may not know is that regardless of the reason why you’re facing foreclosure, there are several steps you can take to alleviate the process. Those include:
- Reinstating the Loan: Pay off the loan current, including back payments, late charges, and any attorney fees, halting foreclosure.
- Forbearance: Make arrangements with the lender to bring the overdue payments current, and cease or postpone legal action.
- Loan Modification: Negotiate with the lender in order to modify the terms of the loan, including adjustment of interest rate, extension of loan period, or adding the delinquent portion and fees into the principal of the loan to be paid over time.
- Mortgage Refinancing: Generally only an option for individuals with impeccable credit records who are obviously only undergoing a temporary setback, mortgage refinancing can also be an option to end foreclosure. Most people facing foreclosure who attempt to apply for refinancing will either be denied or face very high interest rates, so this isn’t the best solution.
- Sale of Property: Many investors will buy homes facing foreclosure and close quickly, usually at a cost that is under market value, and without charging commission fees.
- Bankruptcy: Though many will declare bankruptcy when facing a foreclosure, it is little more than an act of buying time, and usually the house always goes up for auction anyway, thereby leaving both a bankruptcy and foreclosure on your credit report – a double negative.
If you’re facing a foreclosure in Maryland, we can help: call us today at 240-347-3141 for a free and confidential consultation regarding your foreclosure. We can help walk you through your options, and develop a solution to protect your home, your family, and help you to avoid accruing penalties and legal fees in the face of a foreclosure. Since we’re not associated with a real estate agency, there are no fees or commission costs associated with our services. We look forward to helping get you afloat again during the struggle of facing a foreclosure in Maryland.
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