WAYS TO STOP FORECLOSURE IN MARYLAND

Michael P. Coyle, Esquire

Maryland Bankruptcy Attorney

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When it comes to your financial life, there are not many situations more

terrifying than receiving a notice of foreclosure. This shows that your mortgage

lender means business, as they are taking the first step in repossessing your

home.

Even though you find yourself in a bad spot, it does not mean your home is gone

just yet. The one thing you should remember is this: your mortgage lender does

not want to repossess your home. They would rather you pay what you owe,

month in and month out, than be stuck with the property and faced with the

prospect of selling it to somebody else.

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Once you learn more about the many ways to stop foreclosure, it may not be

long before you have a plan in place that will allow you to get back on the right

track.

Here are five ways to stop foreclosure proceedings:

1. Stay in constant

communication with your lender.

When you first realize foreclosure

is a possibility, it is natural to run

and hide. You think that doing

this will improve your situation,

when in all actuality it will only

make things worse.

Stay in touch with your lender at

all times, letting them know

where you stand, what you are

doing, and that you want to save

your home. It is better to be open

and honest than to close yourself

off from your lender and hope for

the best.

2. Determine if a loan modification is a possibility. This is something to discuss

with your lender. In short, a modification will alter the terms of your loan to

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improve your chance of catching up on back payments and making regularly

scheduled payments moving forward.

3. File for bankruptcy. This may be the last idea you consider, but it is one to

take into consideration nonetheless. The moment the automatic stay is in place,

your lender has no choice but to stop foreclosure proceedings for the time being.

When this happens, you may buy yourself enough time to get back on track.

Note: since this is a complicated process, it is best to speak with an attorney

about what to expect. A bankruptcy attorney can walk you through the steps,

making sure you do everything the right way. Furthermore, this person can help

you focus on what is most important to you: saving your home.

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4. A short sale may be the best option. A short sale allows you to stop

foreclosure, making it possible for you to avoid the negative consequences. Of

course, there is a downfall of this strategy: you have to sell your home in order

to make it work.

With a short sale, the bank agrees to

let you sell your home for less than

what you owe. Since you will need

the lender’s permission, it is

important to remain in constant

communication.

5. Learn more about government

programs. Every year, thousands of

people throughout the country lose

their home to foreclosure. The

government has helped many avoid

this. The Home Affordable

Modification Program, for example,

was created to assist homeowners

who are faced with a financial

hardship.

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About the Author

Michael P. Coyle, Esquire

Mr. Coyle is one of the founding partners of Chaifetz and Coyle. Prior to Chaifetz and Coyle, Mr.

Coyle was a law clerk to The Honorable Robert J. Yock. Mr. Coyle then was an attorney with

several of the largest and most prominent law firms in the country, before starting his own

practice.

Mr. Coyle graduated summa cum laude from The Washington College of Law (American

University) in 1994, and was a member of The Law Review. Prior to Law School, Mr. Coyle

graduated with a BA in Government from Franklin & Marshall College, Lancaster, PA.

Mr. Coyle’s practice specializes in bankruptcy, foreclosure defense, general litigation, civil rights,

and employment discrimination. Mr. Coyle manages the Bankruptcy Department of Chaifetz &

Coyle.

6700 Alexander Bell Drive, Suite 200 Columbia MD 21046

Phone: (410) 884-3180 Fax: 410-884-3104