For Maryland homeowners who have been compelled by circumstances to default on the mortgage payments on their homes, the threat of bankruptcy always seems to loom large. One of the biggest threats these homeowners face is foreclosure. Unfortunately, despite doing their best to make payments and renegotiate their mortgage loans, many nominal homeowners can be foreclosed by their mortgage holders any time after they are late making or default on a payment.
This is what one Maryland family recently found to its horror after having fought a long uphill foreclosure battle over 5 years. The family’s ordeal came to a head after the owner missed one mortgage payment because an injury led to a job loss and extended unemployment.
Meanwhile, the owner has sought relief through mortgage servicing, foreclosure and loan modification, but the matter has yet to be resolved and uncertainty remains for the near future. This is not an isolated event; Maryland’s foreclosure rate is one of the highest in the country, according to statistics covering the nation.
Homeowners can fail to make payments for several reasons ranging from temporary unemployment to unanticipated medical expenses to other forms of financial challenges. However, from the moment a notice of foreclosure reaches a homeowner, his or her first and foremost duty should be stopping the foreclosure process by using one or more of the options that Maryland’s bankruptcy law makes available to those in this type of distress.
However, unless the homeowner under threat is aware of all of his or her legal rights to address this new reality as soon as it happens, the foreclosure process may very well drag on for a very long time. This could result in destroying not only the creditworthiness of the homeowner but also the peace enjoyed by his or her entire family. This is why it is important that individuals and family members understand their options, and speak to a Laurel Maryland bankruptcy court lawyer when they face foreclosure.
Source: msnbc.com, “The foreclosure nightmare isn’t over yet,” Suzy Khimm, Mar 06, 2014.