Foreclosure

A foreclosure is the legal means by which a lender can repossess your home. When this occurs you will be forced to leave your home. Foreclosures have increased in America over recent years, and they pose a particular threat to elderly, disabled, and poor citizens who become incapable of making their home payments. The resources below will help you better understand foreclosures and how you can avoid them.

The following are resources available to Maryland residents:

Home Owners Preserving Equity- MDhope.org provides access to counseling services and resources for homeowners needing to refinance.

The Maryland Department of Labor, Licensing, & Regulation- This website provides general information on foreclosures and tips on avoiding forclosure rescue scams.

Federal resources include the Department of Housing and Urban Development (HUD), which provides several tips on avoiding foreclosure, financial education for homeowners, and refinancing information.  HUD also provides information on tax credits available to homeowners and information on federal grant opportunities. 

See The Washington Post for news on the new Maryland rules aimed at helping homeowners avoid foreclosure.  For more information on the new Maryland rules on foreclosure notices see the Baltimore Sun article "Md. foreclosures upheld: Appeals Court says changing law on notice is up to Assembly".

This MSNBC article titled "Mortgage Relief Plan Falling Short",provides readers with an update on the Hope Now Alliance, which provides homeowners help with covering over due mortgage payments.

Basics of Foreclosure - This information is from Baltimore Neighborhoods, Inc., which also operates a landlord-tenant helpline.

How to Avoid Foreclosure - The website for the federal agency HUD contains excellent information on foreclosures. There is also a link to housing counselors who can give you free advice on what to do if you face foreclosure.

Foreclosures in Maryland - The Maryland State Bar Association (MSBA) is the professional association for lawyers in the state. They provide continuing legal education, information about the law, and initiatives to improve the legal system for the public. This brochure from MSBA’s Public Awareness Committee is a good resource on foreclosures in the state.

Emergency Assistance to Families with Children Program - This Maryland program provides financial assistance to families with children that may face an immediate crisis such as a foreclosure.

Last review, no legal content: 03/13/08 (PLL/M.A.J.)