In Maryland, if a house has been put under a mortgage and the homeowner has taken a loan against it, then that owner must be extra cautious to ensure that there is no default with respect to the mortgage payments. Otherwise, the mortgage lenders would be within their legal rights to enforce security interests regarding the property and opt for foreclosure.
Yet, despite all the efforts of a mortgage borrower, financial challenges, often fostered by unemployment, may compel the homeowner to default on such payments. In these types of circumstances, with the threat of foreclosure looming, one viable option is to file for a Chapter 13 bankruptcy with the help of a Laurel Maryland foreclosure lawyer. Doing so may not only allow a homeowner to stop foreclosure and retain possession of the house, but also enable a fresh financial start.
Such options assume further importance in the light of the situation in Maryland, wherein the foreclosure rate remains the second highest in the country, despite an overall improvement in the national housing market. If anything, this trend exhibited in Maryland appears to run counter to the overall national trend.
Some people, however, believe that while steps had been taken in Maryland to avoid foreclosures as much as possible, some of the unavoidable ones got delayed and are making their presence known now, which accounts for their high number even now that the housing market is recovering gradually. The long, drawn-out process of foreclosure under Maryland law may also account for this delay, and such complications are the reasons why getting all of the right information about the available options in such matters may be a good idea.