Every year, hundreds of homeowners in Maryland fall behind on their mortgages. If you have fallen behind on your mortgage payments for your home in Maryland, don’t panic! You can still avoid foreclosure if you take the right actions quickly.
Brad Chandler, CEO of Express Homebuyers, discusses the Maryland foreclosure process in detail so you can avoid any pitfalls through this stressful time. Watch the video below to learn about the foreclosure process in Maryland and multiple ways you can escape foreclosure!
Transcription:
Have you ever wondered what the process is for a Maryland foreclosure? If you have, keep watching this video. If you’re in Maryland and you’ve missed your first mortgage payment, you’ll start receiving calls from the bank within 30 days. They’ll also send you collections notices and a notice of default. Now listen, this is very important. Make sure to keep in touch with your bank throughout this process. Nothing is worse than cutting off communications with your bank. Another important thing to note, Maryland is a state that allows mediation. This is when you, your lender, and a third party get together to discuss the foreclosure and how to keep it from happening. If there is no agreement made, your home will be auctioned off. If at any point you can pay off your mortgage and net your fees, make this known to your lender. Banks actually don’t want to foreclose on houses because it’s a really expensive process for them. Also, if your house is foreclosed on, your credit score can drop more than 100 points and you’ll have to wait to get another mortgage. After the foreclosure sale, you will be evicted if you don’t vacate. If possible, do not wait to get evicted. This will lower your credit score even more. The most feasible way to stop a foreclosure is usually to sell your house. Until a foreclosure is finalized, you can still own your home and can legally sell your home. You can sell your house on the open market or on a short sale in which the bank agrees to let you sell the house for less than is owed on the loan. If you choose to sell your house, house buying companies are often the best option for homeowners facing foreclosure because they can usually purchase the house with cash immediately. Express Homebuyers has helped countless Maryland homeowners escape foreclosure. If you found this video helpful, give us a like and click the video below to find out more details about the Maryland foreclosure process.
Express Homebuyers specialize in helping homeowners who are in difficult financial situations avoid foreclosure. Call us today at (877) 804-5252 for a no-obligation cash offer.
