Maryland notice of intent to foreclose

If you are a homeowner in Maryland and are facing foreclosure, it is essential to know the foreclosure process so that you are not ambushed by anything.

Receiving a Notice of Intent to foreclosure is very tragic to every homeowner. Maryland current foreclosure laws and procedures are enforced to help homeowners get loan modifications if they qualify. Foreclosures can be classified as judicial or non-judicial. Despite the fact, Maryland is normally regarded as having non-judicial foreclosure process, but it can be described as having quasi-judicial as the courts get control of some control to ensure that the foreclosure fair.

In Maryland, a lender cannot file a foreclosure case against a homeowner until:

• Your loan has been in default for at least 90 days or more;
• The lender sends you a Notice of Intent to Foreclose; and
• Forty-five (45) days have elapsed since the Notice of Intent to Foreclose was sent.

The notice of intent is normally sent to foreclose at least 45 days before the suit to foreclose is filed. The lender also sends a loss mitigation application (a process of trying to figure out an alternative). The Notice if intent should state the basis of default, the name and contact of the current owner of the servicer and loan. This information can be important in a case if a different company owns and services the loan. Therefore, read the notice of intent to foreclose as it possesses essential information about your rights and options to keep your home.

The letter may also provide you with an offer to negotiate before the foreclosure is filed. Considering the negotiation process can help you avoid foreclosure.

If your lender is unwilling to work with you speaking with one of our attorneys will be beneficial to you.  You might have rights and defenses if the lender failed to follow the requirements of the foreclosure law.