According to the website RealtyTrac, Maryland’s foreclosure ranking went from fourth in the nation to third after the state had a ten percent increase in activities in October. The Baltimore Business Journal (BBJ) reported that although the numbers seem high, some state officials say that they only tell a small part of the foreclosure story.
According to the BBJ, October was the 16th straight month in which Maryland recorded an increase in foreclosure activity, with 201 percent more closures in October 2013 than October 2012. “The foreclosure rise is hardly a surprise, given that the state was part of a national judicial action that rejected thousands of court foreclosure filings because of errors in the paperwork, including mortgages that were part of the bank “robosigning” scandal,” the BBJ reported.
State officials have said that the foreclosure rate is low compared to the number of home loans being issued. “Statistics show that Maryland has experienced fewer than half the number of foreclosures that have occurred in Virginia since the outset of the crisis,” Mark Kaufman, the commissioner of the state Office of Financial Regulation, said in the statement. “We believe Maryland will continue to outperform Virginia in this regard, even as resolving the backlog of serious delinquencies results in a higher foreclosure rate in Maryland as with other judicial states around the nation.”
I Am Facing Foreclosure in Maryland
You should be aware that reorganizing your debt by filing for bankruptcy could help you save your home if you are facing the threat of foreclosure. For example, 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 balance with your mortgage, this 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.
Another positive thing about bankruptcy is that it can provide debtors a chance at a lien strip, which eliminates “junior mortgages”, which are second or third mortgages that can be discharged. It also gives people an opportunity to catch up on past due property taxes, as well as eliminate other forms of debt.
If you are struggling with debts and facing the threat of foreclosure, you can contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation. Our attorney wants to help you save your home.
Law Firm of Kevin D. Judd – Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: Maryland ranks 15th nationally when it comes to the number of foreclosure sales compared to the number of home loans in service.