The Baltimore Business Journal (BBJ) recently reported that foreclosures increased in February on a year-over-year basis for the eighth-straight month, pushing the state in to the top 10 in national foreclosure rates.
According to the BBJ, foreclosure stats in Maryland jumped 83.4 percent from January to February, and more than 318 percent from February 2012. One out of every 720 Maryland properties was in foreclosure in February. The BBJ reported that greater Baltimore saw a 145 percent year-over-year increase in its foreclosure numbers, while Baltimore was among five of the nation’s 20 most populous cities to see year-over-year foreclosure increases.
If you are one of the Maryland residents caught up in the foreclosure crisis, be aware that you can save your home through Chapter 13 bankruptcy, which generates an automatic stay that stops foreclosure. A Chapter 13 bankruptcy also gives homeowners a chance to catch up on past due property taxes and mortgage payments, as you enter into a repayment plan that lasts anywhere from three to five years.
Unless you want a bank to take control of your property, the worst thing you can do is not take action. Contact our Washington DC and Maryland bankruptcy lawyer to learn more about whether you should file bankruptcy to deal with the threat of foreclosure.
Law Firm of Kevin D. Judd
Judd’s Judgment: An attorney can provide you with advice about how to file for bankruptcy based on the urgency of a foreclosure situation.