Cumberland Foreclosure Lawyers

Find the right Foreclosure attorney in Cumberland, MD

Foreclosure Law in Maryland

In Cumberland, Maryland, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was purchased with the mortgage in the event that the borrower has defaulted on his or her payments.

When individuals are facing foreclosure, it usually involves a house. The bank will take the house with the intent of selling it at an auction, hoping to cover whatever's left on the mortgage, giving them at least a chance to break even on the loan.

In every state, including Maryland, homeowners have the option to go through what is known as a foreclosure by judicial sale. Basically, this means a court will oversee the sale of the house to ensure that the bank makes reasonable efforts to sell it for as high a price as possible (to help avoid a deficiency that the borrower may have to pay), and to ensure that any money which might be left over from the sale (after the balance on the mortgage is paid) goes to the borrower.

In some states, original mortgages are known as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Cumberland, Maryland

To avoid foreclosure, communicating with your lender is key. Let's face it - if you're in a situation where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's difficult to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

Some buyers in Maryland, when none of the above options have worked, resort to a "short sale." This involves selling a house which is about to be foreclosed, usually for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Cumberland, Maryland real estate attorney help?

In Cumberland, Maryland, dealing with a possible foreclosure is never easy. However, the assistance of a good real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate Law Attorney now!

Life in Cumberland

Located in the far western corner of Maryland, Cumberland is a small city full of big charm. Cumberland boasts a population of just under 22,000 inhabitants and is located 130 miles from the state capital of Baltimore. Mountains, heavy rainfall, and snow make for four lovely seasons in Cumberland.

On the top of the list for visitors to Cumberland: George Washington Headquarters, a famous location that the city boasts the first president of the United States actually slept. In addition to Washington's sleeping quarters, there are many other historically interesting sites to be explored by visitors and residents alike. Whether looking for an outdoor or indoor activity, Cumberland has it all for those who visit.

There are five local schools in Cumberland. There are also many talented lawyers in Cumberland, Maryland that have years of experience in helping their local clients meet their legal needs. Cumberland lawyers are talented and have practice ranges as broad as the many issues their clients face. Cumberland lawyers are happy to use their legal knowledge to help their clients win their case. Cumberland is a great place to live, visit, and to find a great lawyer.

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