Before you purchase a home, it is important to understand the Foreclosure Process in Maryland just in case you are unable to make one or more of your payments over the term of your mortgage. Typically, the lender will start trying to get in contact with you as soon as your payment is late. It is best to contact the mortgage company as soon as you realize you might have a problem getting your mortgage payment to them on time. Lenders always appreciate it when their customers are proactive and when you contact them early, you’ll reach a friendly representative who is more likely to want to help you. The person who calls after the payment is already late will be a representative of the collections department and not as receptive to payment arrangements.
If you don’t have time to call in advance, be sure to talk to the person who contacts you. Ignoring their calls will only make the situation worse. Let your lender know when you will be able to send in your check and resolve the issue so they don’t take additional steps. The Foreclosure Process in Maryland can be completed in just a few months so it is important for home-owners who want to keep their home to seek help immediately if they are unable to work with their lender.
An attorney who focuses on bankruptcy may be able to help a home-owner halt the Foreclosure Process in Maryland. With Chapter 13 bankruptcy, you can catch up on missed payments and stay in your home as long as you can afford it. The sooner you talk to an attorney, the more likely you will be to keep your property. Bankruptcy may also be able to help you if you can’t afford to keep your house. By filing Chapter 7 bankruptcy, you might be able to eliminate the debt related to the foreclosure of your home. Depending on the amount of equity you have when the lender forecloses, these costs can be significant and often delay a former home-owner’s ability to move on with their life following foreclosure.