Maryland Sample Letter regarding Stop of Foreclosure Sale
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How to fill out Sample Letter Regarding Stop Of Foreclosure Sale?
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FAQ
The homeowner can be evicted from the property as soon as 15 days after the court ratifies the sale. Homeowners are encouraged to plan for alternative housing earlier in the process to avoid a forced eviction.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
Foreclosure Process Foreclosure proceedings can legally begin when you have not paid your mortgage for 90 days. The next step is a ?Notice of Foreclosure Action.? Maryland law requires that the notice be sent both certified and first class mail at least 45 days before filing a foreclosure action.
You have up until ratification to redeem the home. After that, you won't get another opportunity to get your house back by redeeming it. Ratification typically takes place 30 to 45 days after the sale, though this varies from county to county.
If you do not contest the foreclosure, the process may take as little as 90 days to complete in Maryland.
Bankruptcy Is The Only Guaranteed Way to Stop Foreclosure in Maryland. Chapter 13 and Chapter 11 bankruptcy is the only guaranteed way to stop a foreclosure and pay back what you owe, short of paying off the amount that you are behind in full as reinstatement.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
