Stop Foreclosure in Baltimore
If you’re behind on your mortgage, HOA dues, or Property Taxes you could find yourself faced with a foreclosure action. This process involves suing for the recovery of your real property to pay off a debt in which you have defaulted. The house is sold at auction and the liens are paid off in order of priority. For this reason, junior lien holders rarely initiate foreclosure proceedings. This is especially true after the reversals the housing market has seen since the 2007 highs. At the Grafton Firm, we can help you Stop Foreclosure in Baltimore and all around Maryland.
So, what happens if your mortgage company begins foreclosure and you want to try to save your home?
Well, your options are sometimes limited, but it’s good to know what they are. A bankruptcy can help, at least temporarily stop foreclosure in Baltimore. More specifically, a chapter 13 bankruptcy can help you catch up on your mortgage if you can manage that payment plus your regular mortgage payment as well. Keep in mind that most of your other monthly payments on credit cards, car notes, and more can be consolidated, lowered, or eliminated at the same time.
For those burdened by 2 or more mortgages on a home, a Chapter 13 also offers the opportunity to strip off, or get rid of those extra mortgages if certain conditions are met.
Modifications are technically possible. Unfortunately the system was designed to encourage mortgage lenders and services only to TRY to modify, without increasing the encouragement for successful modifications. This has led to a system of trial modifications that are never approved as final. This has also led to frustrations as mortgage servicers constantly lose paperwork, slow-walk files, and otherwise murk up an already cloudy process.
At the Grafton Firm, we’re willing to help you navigate your modification options, but speaking bluntly, until the process improves and the proper incentives are put in place for servicers and lenders to approve final modifications, this is not an option that we encourage. (Still, if it’s all we’ve got, it’s all we’ve got). For most people, however, bankruptcy is a much better option where feasible.
Don’t let your house go without a fight, if you want to stop foreclosure in Baltimore, give us a call today! Call 410-870-9315 for a free consultation.