Foreclosures on a home are one of the most unwanted notices by any family. We are going to take a look at the rate at which Maryland families are being foreclosed on their homes. If you find yourself in a situation where your home is being foreclosed, stop reading now and contact our office to help you through this difficult time.
If someone is foreclosed on a home than it means that they failed to keep up their mortgage payments. In Maryland, 0.12% of homes were foreclosed compared to the national average of 0.05% of homes. If we want to take a look at foreclosures in the recent history for Maryland, July of 2017, Maryland had close to 2,800 homes foreclosed, compared to around 2,900 in June. If we look back to a year ago, in August 2016, there were almost 4,000 homes foreclosed.
If we break that down by counties, the three counties that have the worst foreclosure ratio are Charles County, Prince Georges County, and Baltimore City. Charles County has 1 in every 480 homes foreclosed, Prince George’s County has 1 in every 481 closed, and Baltimore City has in ever 555 homes foreclosed.
Those are just some of the statistics we have for Maryland, there are also different ways a house can be taken after going up for foreclosure, such as being bank-owned, sold at pre-foreclosure, and at auction. If we look at some different trends that have occurred from last year, to this year, the number of bank owned foreclosures have gone up 20.1%, whereas auction and pre foreclosure have gone down by 22.8% and 21.7% respectively.
Many folks are in financial hardships, and cannot avoid a foreclosure on their home, so if you find yourself in a troubled situation, please don’t hesitate to contact the Law Offices of Nicholas J Del Pizzo; your Baltimore lawyer. Protect your home from foreclosure!