What is Foreclosure in Columbia, Maryland?

Find the right Foreclosure Bankruptcy attorney in Columbia, MD

Foreclosure is the procedure through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Columbia, Maryland has consistently failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the simplest way to do this.

In all states in the United States, including Maryland, foreclosure by judicial sale is an option. This allows the sale to be done under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Columbia, Maryland to see if this is the case. However, this normally doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Maryland?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be straightforward with them. You should remember that banks in Columbia don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are straightforward with them, lenders will normally try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You may also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Columbia, Maryland Attorney Help?

If you are faced with the possibility of foreclosure in Columbia, Maryland, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Columbia

Columbia, Maryland is a planned community. It consists of ten independent villages, each with a distinct character. It has a population of almost 90,000 people, and is generally considered a suburb of both Baltimore and Washington, D.C.

The modern community of Columbia, Maryland was established in the 1960s, and the planning of the community involved many ideas that were, at the time, revolutionary. For example, rather than building a large number of cookie-cutter houses with only a few floor plans to choose from,the developers strove for architectural diversity, giving home-buyers much more choice. In addition to city planners, some nationally-renowned experts in the social sciences were deeply involved in the process, bringing in their expertise to make Columbia, Maryland as livable as possible.

Money Magazine has named Columbia, Maryland one of the best places to live in the United States. Each village center in Columbia boasts a central shopping area, designed to be far more aesthetically pleasing than traditional strip malls.

There are plenty of Columbia, Maryland lawyers who specialize in a wide variety of legal fields. Whether you need to make a will, buy a house, or confront any other legal issue, there is a Columbia, Maryland lawyer who can help.

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