Foreclosure is a legal process that allows the lender to sell your home if you are not making payments in a timely manner. It is a complicated process with multiple steps. A foreclosure defense lawyer from the Nager Law Group with offices in Columbia, Annapolis and Towson, Maryland can offer real solutions to help you keep your home.
No one anticipates going into foreclosure. Usually something happens such as an illness, devastating accident, loss of job, or divorce that affects your financial situation and ability to make your monthly mortgage payments. You may be able to avoid a foreclosure by talking with the lender to find out what options are available to you. There is not much time to find a remedy for your situation.
If you do not contest the foreclosure, the process may take as little as 90 days to complete in Maryland. After three months of missed mortgage payments, the lender may notify the County Recorder’s Office that you defaulted on your mortgage. The first step in the foreclosure process is the lender sending you a “Notice of Intent to Foreclose.” This notice must include a summary of the default and the name of the servicer and investor on the mortgage. You will also receive a loss mitigation application.
The lender may subsequently file an Order to Docket with the court to begin the judicial foreclosure process. Several other documents and affidavits must be filed along with the Order to Docket to prove that the lender has the right to foreclose. The lender will also file a detailed statement of debt with principal, interest, late charges, attorney’s fees and other charges, that you, as the borrower are responsible for under the mortgage.
The lender is also required to file a preliminary of final loss mitigation affidavit with the Order to Docket. That document states that the lender considered foreclosure alternatives such as a loan modification, short sale and deed in lieu of foreclosure and identifies why you were denied or explains why you were not considered for any mitigation options.
As the homeowner, you may submit a Foreclosure Mediation Opt- In form to the courts to request a meeting with a neutral third party and the lender to discuss your options. If you do not reach an agreement in mediation, the lender can schedule your property for foreclosure sale as soon as 15 days thereafter.
Near the end of the foreclosure process, a foreclosure sale takes place at the courthouse. The sale is ratified 30 days after and the title is transferred to the new owner upon settlement. You will need to vacate the home approximately 45 days after the sale or face eviction.
If you find yourself in a foreclosure situation, bankruptcy may be an option. There are other possibilities such as mediation, foreclosure defense and short sale. The skilled foreclosure defense and bankruptcy lawyers at Nager Law Group are available to evaluate your case and offer solid solutions specific to your situation.
For more information on Foreclosure Defense In The State Of Maryland, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (443) 492-9003 today.
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