Maryland is suffering from a second wave of the housing crisis. Between January and June, Maryland went from having one of the lowest foreclosure rates in the nation to the third highest as banks worked their way through a backlog of delinquent loans, created in part by the state’s long foreclosure process.
Housing experts have been expecting a second wave of foreclosures since 2010, when lenders were forced to stop all foreclosures while they addressed numerous documentation problems. The backlog of troubled loans continued to grow, mainly in states such as Maryland, where foreclosures must go through the court system and the process takes much longer. Once among the shortest in the nation, Maryland’s is now among the longest: an average of 575 days as of June, according to foreclosure-tracking firm RealtyTrac.
In other parts of Maryland, increased foreclosure activity is showing up in economically depressed areas such as Dorchester and Wicomico counties, largely because of local conditions and high rates of unemployment.
In response to this, the counties are planning a $2 million direct-assistance program to help homeowners facing foreclosure who can show they can handle their mortgage payments going forward.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, www.miamibankruptcy.com.