According to the Baltimore Sun, foreclosure in Maryland remained high in March, as the state maintained the nation’s second highest rate.
The Sun reported that one in every 527 housing units in the state was involved in a foreclosure filing in March, the “21st consecutive month of year-over-year gains.” Maryland has the second highest foreclosure rate in the country, trailing only Florida, according to RealtyTrac, a California real estate firm.
The paper reported that the state’s foreclosure activity is running counter to the national trend, which has seen 42 consecutive months of year-over-year declines. Nationally, foreclosure filings have affected an average of 1,121 properties per housing unit.
“That definitely stands out,” RealtyTrac Vice President Daren Blomquist told the Sun. “[Maryland] is one of a handful of states where the trend is in the opposite direction.”
According to the Sun, there were 2,634 new foreclosures started in Maryland in March, up 28 percent compared to the year before and 19 percent compared to February.
In the first three months of this year, it took an average of 473 days for a property to go through foreclosure in Maryland, compared to 575 last year, RealtyTrac reported.
Where Can I Find a Maryland Foreclosure Attorney?
Just because the foreclosure process has started does not mean you have to lose your home. There are options. Reorganizing your debt by filing for bankruptcy could help you save your home if you are facing the threat of foreclosure.
During a Chapter 13 bankruptcy, a debtor with a mortgage can enter into a repayment plan lasting between three to five years. If you have an outstanding mortgage balance, this process can give you time to pay off the debt, as an automatic stay goes into effect that prevents a lender from taking actions against you to collect debts.
It should also be noted that a bankruptcy could potentially result in a lien strip, which can result in the elimination of “junior mortgages”, which are second or third mortgages that can be discharged. Bankruptcy may also give you an opportunity to catch up on past due property taxes, as well as eliminate other forms of debt.
You can also visit our Facebook page, our LinkedIn page, our Google+ page and our Twitter page for more information about our foreclosure and bankruptcy services. We are located near the Navy Memorial/Metro Station.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: Maryland’s median sales price for a home in March was $227,500.