Homeowners dread hearing that they may foreclose on their home. Understanding the process of foreclosure in Maryland may help decrease the anxiety and fear for many. There are many options the homeowner has during the process to stop it and reclaim their homes.
The first step in the process is your receipt of a notice of intent to foreclose. The mortgage company cannot take action against you until 45 days after you receive the NOI. Working with law offices in Rockville Maryland can help you mitigate foreclosure right as the process starts. You can file a Loss Mitigation Application to work with your mortgage company.
The first filing in court of the foreclosure action is an Order to Docket or Notice of Foreclosure Action or Complaint to Foreclose. The mortgage company can file this first notice after 90 days a standard loan payment was missed or 120 days for federally covered loans. Even if you filed a Loss Mitigation Application, this document may still go through if you have applied for loss mitigation.
If you have applied for mediation with the mortgage company, you can expect to receive something in the mail. It is essential for you to pay attention to your mail as you only have 25 days to reply to the accepted mediation application. The mediation meeting happens within 60 days.
For those unable to work with the mortgage company, the home goes for sale or auction. The mortgage company does not have to agree in mediation. If they do not, they can sell the home within 15 days of a failed mediation. If you received a Final Loss Mitigation Affidavit, the home can go for sale 30 days later. Once the court finishes the sale of the home, you must leave within 15 days. An attorney can help you work with the mortgage company to avoid foreclosure altogether.