Foreclosure is the act of a creditor or lender recovering a loan to the debtor by repossession or sale of the assets which the latter had used as collateral to obtain said loan. Homeowners may often be forced to give up their homes in such cases, especially in light of the nationwide economic downfall over the past few years.
Foreclosures have become a growing problem in Maryland and have gotten the attention of U.S. Senator Ben Cardin. Addressing the growing problem of foreclosure in Maryland, the Senator said that foreclosure always was a heartbreaking situation, as families were compelled to lose their homes. The national figure for foreclosures was estimated at one house in 1,137. The Maryland figure is alarmingly higher than the national average, with approximately one in 624 houses under foreclosure. There was a 4.5 percent increase of foreclosure compared to the previous year’s figure. Maryland thus showed the second highest rate of foreclosures in the country, coming second only to Florida.
There are essentially three types of foreclosures: judicial foreclosure, wherein the foreclosure proceedings are conducted under court orders and supervision; non-judicial foreclosures, often a speedier and easier way of going about the foreclosure procedure, where the loan or mortgage deed itself had a clause; and strict foreclosure, where the creditor or lender sues the debtor and the court thereafter decrees in favor of the foreclosure. Such foreclosures may be time specific as per the ruling of the court.
Foreclosure is a technical, financial, and legal subject matter. A vulnerable homeowner who is down on his luck due to monetary problems may find himself in a disadvantageous position without the help of a Gaithersburg Maryland Foreclosure lawyer in the matter.
Source: PoliticalNews.me, “Cardin visits Southern Maryland for solutions to Maryland’s foreclosure crisis“, June 5, 2014