What is Foreclosure in Hagerstown, Maryland?

Find the right Foreclosure Bankruptcy attorney in Hagerstown, 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 Hagerstown, Maryland has consistently failed to make their payments. Foreclosure typically results in the property being sold in an auction. Banks typically 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 Hagerstown, Maryland to see if this is the case. However, this typically doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Maryland?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. One should remember that banks usually don't want to take your house in Hagerstown. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are forthright with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Hagerstown, Maryland Attorney Help?

If you are worried about foreclosure, a good Hagerstown, Maryland real estate attorney may be able to help. A attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Hagerstown

Hagerstown is the county seat of Washington County, located in the state of Maryland. It was founded in 1762 and has a population of about 40,000. It is the sixth largest city in the state and the largest city in the area known as Western Maryland. It is considered to be the industrial and commercial center of the greater Tri-State area, and is therefore locally known as "The Hub City".

Hagerstown received its reputation as a commercial nexus due to its heritage in the transportation industry, namely the railroad and airport industries. As a result today the city has several museums commemorating its rich beginnings, including the Train Museum. The city continues to promote development with the Neighborhoods 1st Program. The program encourages community improvement through participation in local government and planning.

Many unique events draw visitors and tourists throughout the year. For example, the city hosts fairs like Market in the Square, Colonial Family Fun Day, and Augustoberfest. Downtown Hagerstown is an ideal place for shopping, retail and recreation. It is also an excellent site to start a career, as many companies have made their home in the city.

Lawyers in Hagerstown typically practice in a wide range of legal fields and some specialize in particular areas of law. Hagerstown, Maryland lawyers usually file their claims at the Washington County District Court located in Hagerstown.

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