Foreclosure Law in Maryland
In Dundalk, 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 normally 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 recognized 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 Dundalk, 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.
Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Basically, nobody likes foreclosures, and everyone wants to avoid them.
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.
As a last resort, you might consider a "short sale," which results in loss of the home, but it normally leads to a great deal of the debt on the mortgage being forgiven. Basically, a short sale in Maryland involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.
Can a Dundalk, Maryland real estate attorney help?
If you are worried that your Dundalk, Maryland house is going to be foreclosed, and want to try and stop this, a brilliant real estate lawyer can help.
Great Lawyer would recommend anytime.
Was very good at his job and helped me get what I needed.
Nick Muller was very helpful to me about my case. He understood what I needed and he was very quick to get the job done. I am very grateful for his help
Nick responded immediately every time that I contacted him. I wasn't sure who to call and I decided to give Legal Match a try. I couldn't be happier with the results. Nick's knowledge, honesty and calm demeanor reassured me each step of the way. Hopefully I won't need a lawyer again, but if I do I won't hesitate to call Nick again.
Nick has been so great. My past experience with attorneys have never actually been enjoyable, but Nick was kind and understanding from our very first conversation which he consulted for free. He kept me updated constantly and had my case settled within the week of us speaking. THANK YOU, Nick for being so kind and fair.
Nick G. Muller responded to my LegalMatch request within a few hours after I posted it. He was extremely knowledgeable in the area I needed legal representation in. He explained everything to me in terms which I understood, and was very clear about what his plan of course was and the outcomes that could possibly follow. Nick only charged me for one hour of work; despite the fact that due to some technology issues (with scanning and faxing on my end) he spent more than an hour with me. Nick worked with me on a time sensitive case over the weekend; a time that most law offices would be closed. Nick stayed in great contact with me, and made me feel confident in the outcome of my case! I would use Nick in the future, and I would recommend him to anyone who has needs for a real-estate attorney.
Nicholas G. Muller is a very good attorney! He really helped take a huge burden off of my shoulders so that I could rest. I highly recommend him!
Accountant
Actually, I did hire him but I basically handled my situation and got the necessary results before a contract was signed with Attorney Muller beyond the first 30 minute consultation. That said, he seemed very nice and if I would need an attorney in the area of his expertise I would contact him again. Thank you.
He kept on the HOA, maintained my best interest, fully understood the issue. I would recommend Nick Muller 100%
thanks!
Was incredible, just who we needed to represent us with our needs.
Nicholas was very knowledgeable / Professional and knew exactly what to do. We was also very quick to handle my case. I will definitely hire him again.
Wonderful. With Nick Muller on my side, I felt safe and protected and knew I would not be taken advantage of. Thank you.
Nick assisted me with the highest level of professionalism and addressed all of my legal needs. I highly recommend him.
Can't say Thank you enough to Mr. Muller and to Legal match. Wasn't sure what to expect from this on line service, but I couldn't have found a better attorney had i looked through the phone book. Mr. Muller was very clear in what he would do for me and the outcome was better than I could have asked. Many Thanks!
Excellent in all areas. I have already recommended him to others in the area.
Nick was amazing. Not only did he take the time to fully understand our questions and needs, but he put in time outside of business hours when he really didn't have to. It's that kind of dedication that we were looking for, and for that, we are very thankful. We will definitely use Nick again of the need arises.
Nick Muller is an asset to the Legal community. Thanks for having Nick Muller on your team!
Great Lawyer that won my case for me! Nicholas was prompt, knowledgeable, and very friendly. His pricing was fair and what I expected. I would use him again.
I would absolutely hire Mr. MULLER again. He reached out instantly and his help was almost as quick. He was very affordable and after hiring him my rental nightmare ended and can now sleep again. I would highly recommend him. I seriously wanted to drive to Golden and hug him. He has followed up numerous times, but not overbearing. Superb service. Thank you again Mr. MULLER.
Mr. Mueller was absolutely wonderful to work with!! He was always quick to respond to my issues and questions about my case!! He worked expeditiously and with persistence to resolve the matter with an outcome much better than I had expected!! His kind and professional manner made it very easy to work with him again and I will absolutely use him again in the future should I have another need to retain legal services. I highly recommend him!! Thanks Nick!!
Mr. Muller did an excellent job for me and in fast timely manner, I appreciate his work.
Mr Muller contacted me quickly, answered all my questions and concerns completely and handled everything professionally and in a timely manner. I would definitely have Mr. Muller represent me again and highly recommend his services.
Nick Muller was very helpful in all phases of the negotiation and followed up with a conclusion that was more than I was hoping for. I would definitely turn to him if I needed legal representation in the future.
Nick was by far the most impressive Lawyer I have worked with. He treated me like family and was a bulldog on the issues. Couldn't have found a better lawyer to represent me.
Fantastic service, quick response and very personable. I couldn't have asked for a better attorney to help me.
This was the best legal experience I've ever had and I have had many personally and professionally. Nick is excellent at digesting a great deal of information in a short period of time, acting swiftly to move the matter forward in a professional manner. He is adept at handling various personality types and view points without losing sight of the desired legal outcome. I would recommend him without reservation to anyone needing legal expertise.
He was awesome. Lots of work for a great price.
Nicholas Muller has the highest integrity,is a skillfully effective and efficient negotiator and produced the results we sought promptly.
Mr. Muller was Excellent. He took a huge burden off of my back within a very short period of time.