Calling Prince George’s County “the crown jewel of African American affluence,” an article from the website Politic365 published on October 31, 2011, asked how the county could have the highest rate of mortgage foreclosures in the state of Maryland. Foreclosure sales in the county hit 51 percent in June 2011, a noticeable increase from the 34 percent in 2009. County Executive Rushern Baker told Politic365 that the county’s slow reaction is a large part of the explanation, saying the cause of the housing crash was “more complicated than” and “certainly not as sinister” as the popular notion that people purchased homes they could not afford.
“People were taking the equity in their homes to finance education, businesses and trips,” Baker told Politic365. “When the market hit, people couldn’t go into their home anymore to finance school, colleges or to help pay mortgage rates.”
Baker also blamed the slow reaction on humility. “We had a number of people who needed help,” Baker told Politic365. “They were upper income families and I think pride had a lot to do with it and not knowing where to turn to for information.”
It can certainly be hard for those in need of foreclosure help to admit that they are struggling through hard times. Maryland bankruptcy lawyer Kevin D. Judd can address every one of your concerns and will work to make sure you fully understand the differences between the Chapter 13 and Chapter 7 bankruptcy process. Even if you have never heard of a bankruptcy means test, contact our office today for a free phone consultation that could help you reestablish credit and end debt collector harassment.
Law Firm of Kevin D. Judd – Maryland bankruptcy attorney