The Baltimore Business Journal declares, “With nearly 22,000 foreclosure filings, Maryland foreclosure rate was the third-highest in the U.S. for the first half of 2015 after Florida and New Jersey.
“:Maryland’s foreclosure rate was 1 percent lower than the same period last year, and just under New Jersey’s rate of 1 foreclosure for every 109 housing units in the first six months of 2015, according to a monthly report from RealtyTrac Inc.
“Baltimore was among eight of the county’s 20 biggest metro areas that recorded an increase in foreclosures, up 5 percent compared with the first six months of 2014.”
It’s been a while since we talked about foreclosure. Not since “7 Steps to Avoid Foreclosure” have we given advice about avoiding foreclosure.
The worst thing you can do is Ignore the problem. If you are experiencing any of the approaching troubles, and not doing anything about it, you are ignoring the problem.
Do not ignore your mail – When you ignore the problem or hide from your mail you will miss a letter from the lender called “the first a notice of default,” which is a letter telling you that you have missed a number of mortgage payments. The first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring these notices can cause you to lose everything.
Know Your Rights – You can participate in pre-foreclosure mediation with your lender to discuss options to avoid foreclosure. Also, once the foreclosure has started, you have the right to cure the mortgage default by paying the past-due amounts, although you must do so within a certain period of time before the sale.
You can fight the foreclosure by challenging the technical rules or you can seek bankruptcy. Credit.com says, “A bankruptcy filed before the foreclosure sale will “stay” or temporarily stop a foreclosure…”
Contact Professionals – Your banker may be able to refinance the loan or your creditors may be able to give you repayment options. Contact a credit counselor. Sure you will feel like a failure or worse, but take responsibility for your actions. Seek legal advice from a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions. If you seek legal advice when the notice of default you may be able to delay or avoid foreclosure.
Contact a professional real estate investor –Trusted Homebuyers is here to help homeowners out of any kind of stressful situation, such as foreclosure. As investors, we can move fast. Generally, the process of selling can take 30 to 45 days. In many cases we can close in as little as a week. We can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
In summary, recognize approaching trouble, don’t procrastinate, do something, and seek professional help.
Trusted Homebuyers is here to help homeowners out of any kind of distressed situation or potential homebuyers find their dream home. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Trusted because buying your home is guaranteed