Members of the NAACP in Prince George’s County held a meeting on Nov. 16 to discuss the local housing crisis and offer support for a statewide moratorium on foreclosures. This can only be made possible with the agreement of Democratic Governor Martin J. O’Malley. The public meeting gathered politicians, community members and business leaders in the area.
Several homeowners discussed the roller coaster ride that they were on since the economy hit a recession four years ago. One Maryland homeowner who filed for bankruptcy said she made every attempt to right her mortgage situation but was considered not under enough hardship to received relief. This comes as no shock because the Consumer Financial Protection Bureau ranked Maryland second in the nation in mortgage complaints. Since 2012, the number of foreclosures in the country have increased 97 percent.
The problem does not always have to do with the inability to pay or make financial arrangements. In many cases, homeowners believe they are getting the help they need, but the process is not done efficiently. The challenge is more difficult as more agencies come into the picture, and too many people have been shocked to find that their home is in foreclosure. This creates more problems, and these residents and leaders want an investigation conducted about the mortgage practices that are taking place.
If you are in debt and seeking some type of financial reprieve, there are many options available. A bankruptcy lawyer might be an asset because this individual may be familiar with past real estate practices and how they impact homeowners today. You can stop foreclosure by following the correct steps and taking a proactive approach to repaying your debts.
Source: AFRO, “Homeowners Vent About Foreclosures“, Maria Adebola, November 20, 2013