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Homeowners facing financial hardship may struggle to keep up with mortgage payments, putting them at risk of foreclosure. A deed-in-lieu of foreclosure can be a useful tool to avoid the stressful and damaging process of foreclosure.  This option allows homeowners to voluntarily transfer ownership of their property to the lender, helping to resolve the debt without the negative impact of a formal foreclosure. Understanding deed-in-lieu agreements A deed-in-lieu of foreclosure is an agreement between the homeowner and the lender. With this agreement, the homeowner gives

Homeowners facing financial hardship may need to decide between foreclosure and bankruptcy. Both options affect your credit in the long term, so understanding their differences helps you make an informed decision. Impact of foreclosure on credit If you can’t prevent foreclosure, it can severely damage your credit score, typically lowering it by 100 to 160 points. This negative mark stays on your credit report for seven years, making it challenging to qualify for new loans, credit cards, or rental agreements.  Lenders view foreclosure as a

Foreclosure on your Maryland home can be a frightening prospect. In your desperation, you may agree to a plan that is not in your interest. Scam artists count on your heightened state of panic to prevent you from carefully examining the provisions of their phony foreclosure prevention programs. However, if you are not careful and fall prey to a scam, not only will it not improve your financial situation, it may leave you much worse off than you are now. Unfortunately, according to the Consumer

 If you have fallen behind on your mortgage, chances are that you are also struggling to pay other debts. When your lender begins to pursue foreclosure, you may be able to save your home by filing for bankruptcy. Read on to learn more about how a bankruptcy filing impacts an impending foreclosure. Delaying foreclosure proceedings  After you file for Chapter 7 or Chapter 13 bankruptcy, the court issues an automatic stay. This court order prevents creditors from contacting you and from pursuing further collection actions.

Owning a home is a source of pride for many Maryland residents, but the reality is that life and your financial situation are not always within your control. If you lose your job, find yourself facing excessive living expenses or have had a serious change to your income, you may have a hard time making your house payments. If this is the case, FindLaw gives you some options to help you avoid foreclosure. One alternative to foreclosure is a mortgage modification. In this situation, the

Our law firm recently represented a client after the foreclosure sale occurred. While there are few options to try to save the property after the foreclosure sale has occurred and we would encourage every potential client to contact us in advance of the foreclosure sale date, there is a possibility of overturning the foreclosure sale by filing Exceptions to the foreclosure sale. In this case, we filed Exceptions to the conduct of the foreclosure sale. This provided additional time to attempt to negotiate a Loan