Stop Foreclosure In Maryland

Foreclosure is not good for anyone, it does more harm than good, it can damage your credit score and also make it difficult to secure another mortgage loan. More than that, the thought of losing your home in a helpless situation such as foreclosure sale is terrifying. However, I have gathered a list of ways by which individuals in Maryland have stop foreclosure in the past and would share them with you.

• Loan modification

During a loan modification, your loan agreement is reviewed and you can negotiate terms with your lender on how much you can afford per month. You should be careful to only suggest the amount you can afford, most lenders only allow loan modification once, as foreclosure will follow if you default again.

• Forbearance agreement

Forbearance agreement entails that your loan payment is suspended for a set period or the amount paid monthly is reduced for some time. You can opt-in for this whenever you can’t make up for your monthly payment instead of waiting for your lender to foreclose your home. Most lenders also suggest it and you can take advantage of it for the period it’s needed.

• Pre-foreclosure sale

Selling your house before it gets foreclosed is a perfect strategy to save yourself unnecessary stress and extra cost. Selling your home also gives the advantage of selling at your terms and even making extra money provided the house value is more than that of the loan. By doing this, you will avoid all the negative consequences associated with foreclosure and you can even secure another mortgage faster.

Conclusion

Review those options stated above and you will save yourself from both stress and extra cost. You can also talk to a lawyer to find out which is best for you.