We can help you fight for your property by negotiating with your lender(s) and possibly defending you from foreclosure.
Baltimore City Courthouse 1939
MARYLAND FORECLOSURE
It is common knowledge that in this current economic crisis we are seeing a record number of foreclosures. In Maryland, foreclosure rates are continually rising and nothing seems to be able to slow it down. As a result of the record foreclosures, Governor O'Malley , the Maryland Legislature and the Courts have modified the foreclosure rules.
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Creditors have to give you 45 days written notice of their intent to foreclose on your home before filing in court
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Creditors cannot begin foreclosure proceedings until at least 90 days from default / Failure to Make Payment
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Creditors cannot auction your property until they publish a notice of sale 3 times in the newspaper. Further, creditors must wait 45 days after service of Court documents (foreclosure complaint, etc. ) before any auction.
IF YOU ARE BEHIND IN PAYMENTS ON YOUR HOME AND FACING FORECLOSURE -- PLEASE DO NOT PANIC! THERE IS HELP OUT THERE IF YOU WANT TO KEEP YOUR HOME. THE FOLLOWING LIST INCLUDES SOME OPTIONS FOR YOU.
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You need to contact your lender and see if they will work with you. Lenders have Loss Mitigation Departments who you can speak to and see if you can work out a payment plan in order to work out your default and put yourself back on track.
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If Foreclosure is around the corner then the creditor's actions and procedures need to be reviewed to see if the creditor followed the applicable laws and procedures. Further, if you do not believe that you are in default or you believe that the creditor/lender defrauded you then you can go to court and communicate your grievances the Judge.
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A Chapter 7 or Chapter 13 bankruptcy will give you some breathing room. A Chapter 7 could give you up to 3 - 4 months where the lender cannot foreclose or otherwise use any collection activities; however, the protection will only last for the time period of the Chapter 7. A Chapter 13 will force the creditor to allow you create a 5 year payment plan for the arrearages (the money owed in order to bring the mortgage current). Note that you will also have to keep up with your normal mortgage payments as well as other payments you will need to make under a Chapter 13 payment plan.
JUST REMEMBER THAT THERE IS LIGHT AT THE END OF THE TUNNEL. CONTACT US AND LET US ASSIST YOU THROUGH THIS DIFFICULT PROCESS.
If you are behind in payment for your home and are beginning to receive notices from your lender that they will be pursuing legal remedies or are expressly stating that they will be moving forward with a foreclosure then you cannot wait.
It is important that contact be established with your lender in order to see if they will work out a payment plan or other method to allow you to catch up or, better yet, allow you to modify your actual payments.
In many cases, the lender either will not work out a deal or they are presenting unrealistic alternatives. Alternatives that cannot possibly work for you. In Maryland, there are some very specific guidelines, timelines and procedures with respect to foreclosure.
We defend foreclosures by assuring that the lender and their representatives abide by those guidelines, timelines and procedures. Further, we review the mortgage documentation and the lender's activities and see if we can stop, deter or slowdown the foreclosure.
In Maryland, your vehicle may be repossessed by your creditor if you miss even one payment! If you are behind with a payment then you can rely on two things: (1) Your creditor is going to contact you, and (2) you may be able to sit on your notices and ignore the telephone calls but your creditor is going to come looking for the car.
DO NOT PANIC! If the car is repossessed then you can get it back. You will have to redeem it by paying the arrearages and the other amounts you owe (such as auction costs). Basically, you will have to pay enough to bring your contract back up to date. Note that your creditor may "accelerate" the note (Demand the full balance remaining on the contract) if a repossession happened within the last 18 months.
If the creditor repossesses and sells the vehicle, you can count on the vehicle being sold for less than the amount you owed the creditor under the contract (most of the time this is the case). The creditor will have the right to hold you responsible for that difference.
WAYS TO FIGHT:
1. Legal Procedure: if your creditor did not abide by the repossession law and rules in the state of Maryland then there are penalties and an auction may be halted.
2. A Chapter 7 Bankruptcy will stop your creditor from repossessing the vehicle. The automatic stay will allow you to keep the vehicle. However, you can expect the creditor to seek Relief from the Automatic Stay and in most cases (unless you are agreeing to pay and keep the vehicle) they will most likely receive the relief.
3. A Chapter 13 Bankruptcy will allow you, in some cases, to re-evaluate the value of the vehicle and modify your payment accordingly. Note that you will have to pay the arrearages under the Chapter 13 Plan. There are several options and we can advise you accordingly when we speak to you.
WAGE GARNISHMENT -- ATTACHMENT -- CIVIL JUDGMENTS
Wage Garnishments and Attachments are a result of Civil Judgments. If a person or business (including normal creditors) win a judgment against you in court they become "judgment creditors." As a result, they can begin collecting the judgment. They will have a right to request the court for (1) a wage garnishment or attachment against your wages (your employer will be notified and they will have to take a percentage out of your pay); (2) an order to attach the money in your bank accounts; and (3) a lien against your home. Further, a creditor in some cases may be able to seek your car or other personal property.
1. If you are threatened with a lawsuit or have been served with papers giving you notice that you are being sued then do not ignore them. Immediately contact our office and allow us to review the documents. If you ignore it or do not seek legal advice then you are taking a risk. It is better to handle it before it becomes a judgment.
2. A Chapter 7 will stop most actions in state court (except for criminal proceedings) where someone is seeking money from you. Further, once you file a Chapter 7 and it is discharged the claim may be eliminated.
3. A Chapter 13 will also stop actions in state court (except for criminal proceedings). However, note that you will be paying some money to the creditor depending on the plan. One condition for the acceptance of a Chapter 13 plan is that an unsecured creditor be paid the same amount they would have received in a Chapter 7.
DON'T WAIT. CONTACT US AS SOON AS YOU CAN TO
DISCUSS YOUR OPTIONS. LET US HELP.
