How to Stop Foreclosure in Maryland
Until foreclosure is complete, there are ways you can stop foreclosure on your Maryland home. Which option will work for you depends on your personal situation. What may work for one person may not be the solution for another.
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Instructions
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Contact your mortgage lender as soon as you are notified that your home is being foreclosed upon. Ask if a payment plan can be put in place to bring you back in good standing on your mortgage. You will probably need to speak with someone in the loss mitigation department rather than a customer service representative to get a decision on this matter. If an arrangement is made between you and the lender, and you carry out your part of the agreement, then foreclosure proceedings can be stopped. You typically have 90 days before the foreclosure is completed, so try to work within this time frame to get the issue resolved.
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Take it to court if there is an error on your mortgage lender's part and you are not in default on your loan. This is only a viable option if you are NOT in default on your mortgage and can prove it with receipts and copies of checks.
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File for bankruptcy. In the state of Maryland, filing for Chapter 7 or Chapter 13 bankruptcy will stop the foreclosure sale of your home for a period of time, giving you a chance to get your financial affairs in order. Chapter 7 bankruptcy gives you 3 months to get your mortgage payments up to date, while Chapter 13 gives you up to 5 years to bring your mortgage current.
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See the links in Resources below for agencies to help you avoid foreclosure in Maryland.
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Resources
- Photo Credit Chelle--Morguefile
