Maryland, which not long ago had one of the lowest foreclosure rates in the nation, has jumped in six months to the state with the third highest foreclose rates in the nation. The increase occurred between January and June of this year, a result of a backlog of troubled loans that were delayed as a result of lenders’ documentation problems and legislative action in Annapolis.
Lenders put a halt to all foreclosures in 2010 after they were forced by the state to rectify extensive documentation problems. An agreement reached last year enabled lenders to resume the foreclosure process, one of the main factors which has contributed to the increase in foreclosures. In addition, legislators in Annapolis worked to delay the process even further by enacting a series of legislation which made Maryland’s foreclosure timeline one of the longest in the nation, at an average of 575 days as of this June.
Still, time is now running out for many Marylanders, as the banks begin to push filings through the court system. There were 9,339 filings in the first three months of the year, and foreclosures, the majority of which were usually found in Baltimore City and Prince George’s County, are now being filed in areas across the state which have seen little recovery since the recession.
Are you facing foreclosure? Grays Home Solutions is here to help. Contact us today and we’ll help you avoid foreclosure and save your credit.
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