Foreclosure Process

Foreclosure Process

The following information is provided by the Maryland State Bar Association, Inc. If you are in need of speaking to a lawyer regarding a foreclosure please contact The Law Offices of Nicholas J Del Pizzo.

Being told that your house is about to be foreclosed on can be one of the most traumatic experiences a person can go through. Regardless if you feel the foreclosure notice is justified or not, a lender has been given the right to foreclosure on a property if the loan is not repaid in accordance with the terms of the loan. If you live in the state of Maryland you may be wondering what the foreclosure process is like?

The first thing you must consider is what will happen when a property is being considered for foreclosure.

According to MSBA.org, “if a default under the terms of a mortgage or deed of trust occurs, the lender may initiate a foreclosure case with the Circuit Court in the county in which the property is located”.

The first step in a foreclosure is that the lender must send you a notice of intent to foreclose. It can be sent 45 days after default, and must include information such as a summary of the default, and who your servicer and investor are on the mortgage. The notice of intent must also include a loss mitigation application. When you receive a notice of intent to foreclose do not delay consult with a lawyer who specializes in foreclosures and respond to any written communication from your mortgage lender.

After 90 days of default your lender can file an Order to Docket with the court. This begins the judicial foreclosure process. There are many documents, affidavits, and a sworn statement of debt which the lender will have to pronounce at this time. Please check back next week for our conclusion of What is the Foreclosure Process in Maryland.

If you or someone you know is about to have their house foreclosed on please contact the Law Offices of Nicholas J Del Pizzo for guidance.

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