The Notice of Impending Foreclosure Sale in Maryland
You’ve been getting large packets of mail for months from your Maryland lender, including a Notice of Intent to Foreclose, an Order to Docket Foreclosure, a Preliminary Loss Mitigation Affidavit, a Mediation request form, and a Final Loss Mitigation Affidavit. You may have tried completing the loss mitigation forms to see if you qualify for a loan modification or other loss mitigation, but your lender keeps telling you that your application is incomplete. You may have even had mediation with your lender at the Office of Administration Hearings in Hunt Valley, Maryland but you still have not gotten anywhere.
You might even think that you’re still being considered by your lender for a loss mitigation option. One day, you get a letter in the mail addressed to all occupants of your house and it says Notice of Impending Foreclosure Sale. In Maryland, this form is the last stop for foreclosure. Your home is about to be auctioned off and you must take immediate action if you want to save your home. At this point, Chapter 13 or Chapter 11 bankruptcy may be your only and best option for you to keep your home.
You Are Getting So Many Notices That You Don’t Know What They Mean
Maryland has enacted so many laws requiring lenders to notify homeowners about residential foreclosures that it has become document overload. Many of the documents contain duplicate information, are often hundreds of pages long and contain a ton of legal jargon that doesn’t make sense to the average Maryland resident. This makes it very confusing for the average Maryland homeowner to determine which document is important and what your deadlines are to save your home.
The Notice of Impending Foreclosure Sale is the Last Step Before Foreclosure
The Notice of Impending Foreclosure Sale in Maryland is perhaps the most important document that you will get about foreclosure, and you should NOT ignore it. This document sets a date when your lender will auction off your house to the highest bidder. You must take action before the auction if you want to save your home and at this point in the foreclosure process, short of reinstatement – paying your lender the total amount of the arrears on your home – bankruptcy is pretty much the only way to save your home. The Notice of Impending Foreclosure Sale in Maryland has to contain very specific language, and looks like this:
This document is the last stop before your lender will sell your home. Your lender has set up a date which is only a few days away when it will auction off your home at the courthouse steps to the highest bidder. Your lender has hired an auctioneer such as Alex Copper or A.J. Billig to conduct the auction. If you do not take action on the Notice of Impending Foreclosure Sale in Maryland IMMEDIATELY, you WILL lose your home and face eviction.
Bankruptcy Will Stop The Foreclosure Sale and Let You Keep Your Home
There are many reasons why a Maryland homeowner may fall behind on their mortgage through no fault of their own. You may have had to take care of a sick family member or you may have gotten sick yourself, you may have lost your job because of COVID, you may be going through a divorce or separation, or you may have gotten in over your head with credit cards, personal loans, unaffordable cars or tax debt.
If you have received the Notice of Impending Foreclosure Sale in Maryland, your lender does not care about your life circumstances. Your lender has decided to sell your home and hired a team of lawyers to do it.
However, you CAN do something about this and take control from your lender. If you file for Chapter 13 or Chapter 11 bankruptcy, the automatic stay will take effect and stop the foreclosure in its tracks, as long as you file BEFORE the auction time. Once you’re protected by the automatic stay, you can now breathe and not worry about being evicted from your home. You can use this breathing room to propose a plan to pay back your creditors over time, including paying the arrears on your home in your bankruptcy plan.
You may have several different properties such as investment properties, a beach home, or a family home and you may be behind on the mortgages for all of them. Bankruptcy can still help you with each and every one of these homes. As long as your plan pays back what is owed and meets the requirements of the Bankruptcy Code, you can save them.
Other Options For Your Home Once You’re In Bankruptcy
You also have other options for your home while you’re in bankruptcy. You can still apply for a loan modification, you can refinance your home and you can even sell your home in bankruptcy using your own realtor and choosing what offers to accept.
If you’ve received a Notice of Impending Foreclosure Sale in Maryland, it’s time to step up and take action. You can no longer ignore all of the large packets of mail that you’ve been getting because if you don’t take action immediately, you will lose your home and face eviction. You can still take control and hire an experienced bankruptcy attorney at Steiner Law Group who can stop the foreclosure and get you in a bankruptcy plan which will let you stay in the home you’ve worked so hard for. If you’ve received a Notice of Impending Foreclosure Sale in Maryland, call Steiner Law Group at (410) 670-7060 to schedule a consultation immediately.