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May 13, 2012 /24-7PressRelease/ -- Foreclosures Ramping Up in Maryland Again
The brief respite from foreclosures that occurred in the wake of the robo-signing scandal is now over, real estate experts are saying, and that means Maryland foreclosures will soon be in full force again.
The robo-signing scandal occurred because banks did not properly review foreclosure cases, meaning banks could not begin foreclosure proceedings until they settled a lawsuit with the federal government. The five largest banks did so in March, paying the government $25 billion.
Now that banks are about to instigate a new wave of foreclosures, many experts are predicting another record year, similar to 2010. "We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," Mark Seifert, executive director of a real estate counseling group, told Reuters.
But the news is not all negative; across the country, housing purchases have increased and housing prices are lowering less severely than in previous years. However, 10 of the 20 largest U.S. metro areas saw increases in foreclosures, including in Baltimore, which saw 698 foreclosures in February, a 32.5 percent increase from the month before, according to RealtyTrac Inc.
Maryland is one of 21 states with increased foreclosure activity so far in 2012. Moody's Analytics, Inc. estimates a 25 percent increase in foreclosures this year nationwide from the 1 million or so foreclosures in 2011.
Foreclosure Help
Maryland residents do have options regarding foreclosure. One of the notable aspects of this round of foreclosures is that the sub-prime mortgage crises that triggered the housing crash have largely dried up. Instead, many of the homeowners facing foreclosure are struggling to pay the mortgage because of the still-recovering economy. Often it is because one spouse is now unemployed or underemployed.
However, banks have been somewhat more willing, lately, to work with homeowners to keep them away from foreclosure, for instance by stacking late payments onto the end of the mortgage or reducing the interest rate on the mortgage.
In addition, a sure way to save a home from foreclosure is Chapter 13 bankruptcy. For those individuals who have steady income, Chapter 13 provides a consolidation of debts, including mortgage payments, which become part of a three- to five-year repayment plan. Some debts are eliminated, and some high-interest loans reduced, allowing the debtor to pay high-priority debts such as the mortgage.
If you are facing foreclosure, don't delay in taking action. Contact an experienced bankruptcy attorney right away.
Article provided by Law Office of Geri Lyons Chase
Visit us at http://www.glchaselaw.com
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