Owning a home is a life-long dream for many people, but, since the economic slowdown a few years back, many homeowners in Montgomery and Rockville, Maryland, have fallen behind on mortgage payments. As a result, their life-long dream is facing the risk of foreclosure. Although the economy has shown signs of improvement recently, financial challenges and mortgage issues are still far from over.
As a result, two civil rights groups from Maryland rallied in Annapolis, seeking a six-month suspension of foreclosures in the state. They have, however, faced resistance from mortgage lenders and lawmakers who are asserting that there are plenty of options available to Maryland homeowners to retain their property. They also say that, without action being taken on defaulters, the housing market in the state will remain jeopardized.
According to RealtyTrac, a firm that keeps track of foreclosures in the United States, Maryland was third among states with the highest foreclosure rates in the first month of 2014. On the basis of this, the two civil rights groups are seeking reforms in a bid to stop foreclosure, at least for the time being. Maryland imposed a similar six-month suspension two years ago. According to the civil rights groups, though the moratorium helped, it did not work for everybody, and, therefore, the requirement of a new set of reforms is necessary.
There are many homeowners in Maryland who are in a similar situation. Such people should be aware that it is possible to challenge and stop foreclosure proceeding by employing an effective foreclosure defense strategy. With the help of a Laurel Maryland bankruptcy lawyer, such people may either be able to refinance their debts and enter into a short sale agreement. They may also file for Chapter 13 bankruptcy or sign a deed in lieu of foreclosure.
Source: The Baltimore Sun, “Groups seek foreclosure moratorium,” Timothy B. Wheeler, Feb. 24, 2014