How to Stop Foreclosure in Maryland?

If you fall behind your mortgage payments, it becomes very important to understand the foreclosure process. It is because when you are aware of the implications of it, you will be able to make better decisions. Several reputed and non-profit organizations offer free or low-cost assistance in Maryland, to the homeowners who are likely to face foreclosure. Homeowners must always get in touch with the right authorities to get foreclosure help in Maryland because there are many foreclosure scams. These scams are on the rise these days, and if you fall into their clutches, you are likely to lose your home and surplus money. Always connect with the government authorized resources that help you at the hour of need.

How to assure you get foreclosure help in Maryland?

To assure you get foreclosure help in Maryland, you must first of all not miss the initial letters sent by the lender. The letters sent initially contain clauses that can prevent the foreclosure. Other than this, you must take assistance from the foreclosure experts who have years of experience in handling foreclosure.

Notice of Intent

Notice of Intent is a letter sent to the homeowner by the lender that they are going ahead with the foreclosure. The lender must send this notice to the homeowner minimum forty-five days before the action is filed in the court. The NOI contains a loss of mitigation application, which the homeowner can choose to file if they do not want foreclosure to take place. With regards to the Maryland law, the lender must send the copy of NOI to the office of the Commissioner of Financial Regulation. When it is done, it is the responsibility of the commissioner office to sent the outreach letters.

Foreclosure Mediation

Mediation stands for a hearing between lender, homeowner, and court which is a neutral third party. The purpose of this mediation is to discuss what the alternatives to foreclosure are and how it can be of help.

Homeowners who have been into the spell of foreclosure due to financial crisis must keep track of their mail to check if they have received any letter from the Government authorities. When a homeowner fails to show interest in the mediation process, it can lead to the foreclosure.

What else can homeowners do?

A homeowner has the right to file for the bankruptcy if they want to protect their home. Many non-profit organizations in Maryland help homeowners in this regard free of cost. Homeowners are also free to seek legal advice from legal attorneys to help them to find a way or to represent their case.

If you are a homeowner and fear foreclosure, you must connect with the right people who can help you with the best possible solutions and prevent foreclosure.