Maryland Notice of Intent to Foreclose
I have received a Notice of Intent to Foreclose.
What does in mean and what I do next?
Receiving notice that your house is about to be foreclosed upon is one of the most traumatic things a homeowner can go through. Marylandís current Foreclosure and Foreclosure Mediation Laws are designed to help homeowners get relief through a loan modification if they qualify. A mortgage lender must comply with certain notice requirements before it may file a complaint to foreclose in the local Circuit Court.
Before such a suit to foreclose can be filed the lender must send a Notice of Intent to Foreclose letter to the homeowner and the Commissioner of Financial Regulation forty-five (45) days before the suit to foreclose is filed. TIME IS OF THE ESSENCE.
After receiving the Notice of Intent to Foreclose letter the homeowner must immediately contact the lender and ask for the loss mitigation department to determine if the default can be cured under a loan modification plan.
The Notice of Intent to Foreclose must contain the name and telephone number of the secured party, the servicer, and an agent who has authority to cure the default and reinstate the loan. Maryland law requires that your mortgage company review your circumstances to see if you are eligible to avoid foreclosure before they sell your house at a foreclosure sale.
If your lender is unwilling to work with you speaking with one of our attorneys will be beneficial to you. You may have rights and defenses if the lender failed to follow the requirements of the foreclosure law or you may need to file a Chapter 13 Bankruptcy in order to stop the sale. Our office offers a free thirty (30) minute consultation which will begin the investigation to determine if you have any mortgage foreclosure defense options. IT IS CRUCIAL THAT YOU ACT BEFORE THE FORECLOSURE SALE DATE. Waiting until after the hammer comes down at a foreclosure auction will almost certainly cause you to lose your home.
For a free in office consultation with one of the attorneys at Grossbart, Portney & Rosenberg: call: Phone: 410.837.0590 | in MD 800.286.0730. (For Maryland residents only).