If you’re concerned about your property going into foreclosure due to circumstances beyond your control, the optimum scenario would be to work with your lender for a resolution before things go any further. However, going through the foreclosure process can be made easier when homeowners understand what lies ahead, so read on as we explore what homeowners in Baltimore, MD can expect during the foreclosure process.
Default
Lenders understand that homeowners in Baltimore, MD can experience temporary financial hardships, and many are willing to offer a grace period or explore options to help navigate difficult times. However, if you’ve fallen behind on your mortgage payments and don’t see a clear path forward, the lender will likely reach out to you in multiple ways as the foreclosure process progresses, including phone calls, letters, and even emails. Their goal is to find a solution that works for both parties, whether through a repayment plan, loan modification, or another arrangement, in order to avoid the costly and lengthy foreclosure process. While these communications may feel overwhelming, it’s important to engage with your lender to discuss your situation. Ignoring the issue can only escalate the problem, but proactively working with your lender could provide opportunities to restructure your payments or find a viable alternative, helping you stay in your home and avoid further legal action.
Notice of Default
Lenders will issue a notice of default to homeowners in Baltimore, MD once they’ve fallen behind on their mortgage payments, signaling the beginning of the foreclosure process. This notice typically gives homeowners a 90-day period to resolve the outstanding balance, providing a final opportunity to bring the mortgage up to date before further legal action is taken. During this time, homeowners may have the chance to negotiate with the lender for a repayment plan, loan modification, or even explore options like a short sale if staying in the home is no longer feasible. It’s important to take the notice seriously and use the 90-day window to explore all available solutions, as failing to do so could lead to more severe consequences, including foreclosure and a significant hit to your credit score. Engaging with your lender during this period can help you understand your options and potentially prevent the loss of your home.
Mortgage Reinstatement
Homeowners in Baltimore, MD who have entered the foreclosure process but can catch up with past due payments, including interest and any penalties, can stop the process at this point by working with the lender to reinstate the mortgage, then continue paying their mortgage as usual.
Notice of Sale
Once 90 days have passed after the notice of default, the next step homeowners in Baltimore, MD can expect during the foreclosure process is the notice of sale; within 21 days, the property will be put up for auction by the trustee (the lender).
Auction
During the foreclosure process, the final step for homeowners in Baltimore, MD is the auction, where the winning bidder must pay for the property immediately. Should the home not sell at auction, it will become what is known as an REO or real estate owned property, converting back to the lender. If you’ve yet to vacate the premises, you can expect the buyer to serve an eviction. With an REO, the lender may attempt to assist you with moving, offering cash for keys to attain possession.
Another Option
For homeowners in Baltimore, MD facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Perry Hall Investment Group. First, the professional buyers at Perry Hall Investment Group will detail the expenses and what you’d profit by listing your property, advising you of the average days on the Baltimore, MD real estate market. Then, professional buyers from Perry Hall Investment Group provide you with the numbers used to make their offer to buy your home directly, which we want you to agree is fair. And we’ll provide you with a guaranteed closing date, often within days. We do this at Perry Hall Investment Group for two reasons. First, we want you to make an educated decision about what is best for your situation. Secondly, at Perry Hall Investment Group, we are your neighbors here in Baltimore, MD, living and working alongside you, a part of the community; we want you to feel good about the deal long after you’ve left the closing table.
Perry Hall Investment Group
Selling directly to Perry Hall Investment Group can turn everything around for homeowners in Baltimore, MD facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Perry Hall Investment Group is complete transparency and no pressure. And, to save you even more money, at Perry Hall Investment Group, we buy houses as-is for cash in Baltimore, MD, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Perry Hall Investment Group, talk to us about the arrangements that would work best for you. Call Perry Hall Investment Group at (410) 989-5200.