ways to stop foreclosure in maryland
TRANSCRIPT
WAYS TO STOP FORECLOSURE IN MARYLAND
Michael P. Coyle, Esquire
Maryland Bankruptcy Attorney
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When it comes to your financial life, there are not many situations more
terrifying than receiving a notice of foreclosure. This shows that your mortgage
lender means business, as they are taking the first step in repossessing your
home.
Even though you find yourself in a bad spot, it does not mean your home is gone
just yet. The one thing you should remember is this: your mortgage lender does
not want to repossess your home. They would rather you pay what you owe,
month in and month out, than be stuck with the property and faced with the
prospect of selling it to somebody else.
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Once you learn more about the many ways to stop foreclosure, it may not be
long before you have a plan in place that will allow you to get back on the right
track.
Here are five ways to stop foreclosure proceedings:
1. Stay in constant
communication with your lender.
When you first realize foreclosure
is a possibility, it is natural to run
and hide. You think that doing
this will improve your situation,
when in all actuality it will only
make things worse.
Stay in touch with your lender at
all times, letting them know
where you stand, what you are
doing, and that you want to save
your home. It is better to be open
and honest than to close yourself
off from your lender and hope for
the best.
2. Determine if a loan modification is a possibility. This is something to discuss
with your lender. In short, a modification will alter the terms of your loan to
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improve your chance of catching up on back payments and making regularly
scheduled payments moving forward.
3. File for bankruptcy. This may be the last idea you consider, but it is one to
take into consideration nonetheless. The moment the automatic stay is in place,
your lender has no choice but to stop foreclosure proceedings for the time being.
When this happens, you may buy yourself enough time to get back on track.
Note: since this is a complicated process, it is best to speak with an attorney
about what to expect. A bankruptcy attorney can walk you through the steps,
making sure you do everything the right way. Furthermore, this person can help
you focus on what is most important to you: saving your home.
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4. A short sale may be the best option. A short sale allows you to stop
foreclosure, making it possible for you to avoid the negative consequences. Of
course, there is a downfall of this strategy: you have to sell your home in order
to make it work.
With a short sale, the bank agrees to
let you sell your home for less than
what you owe. Since you will need
the lender’s permission, it is
important to remain in constant
communication.
5. Learn more about government
programs. Every year, thousands of
people throughout the country lose
their home to foreclosure. The
government has helped many avoid
this. The Home Affordable
Modification Program, for example,
was created to assist homeowners
who are faced with a financial
hardship.
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About the Author
Michael P. Coyle, Esquire
Mr. Coyle is one of the founding partners of Chaifetz and Coyle. Prior to Chaifetz and Coyle, Mr.
Coyle was a law clerk to The Honorable Robert J. Yock. Mr. Coyle then was an attorney with
several of the largest and most prominent law firms in the country, before starting his own
practice.
Mr. Coyle graduated summa cum laude from The Washington College of Law (American
University) in 1994, and was a member of The Law Review. Prior to Law School, Mr. Coyle
graduated with a BA in Government from Franklin & Marshall College, Lancaster, PA.
Mr. Coyle’s practice specializes in bankruptcy, foreclosure defense, general litigation, civil rights,
and employment discrimination. Mr. Coyle manages the Bankruptcy Department of Chaifetz &
Coyle.
6700 Alexander Bell Drive, Suite 200 Columbia MD 21046
Phone: (410) 884-3180 Fax: 410-884-3104