Foreclosure by Judicial Sale

While many people believe that homeownership is one of the cornerstones of the American Dream, it is important to note that people should only purchase a home if they are comfortable with their financial situation and if they are able to make the monthly payments on their mortgage. These factors, in addition to other important elements like property taxes, monthly bills, and outside debts, all are important contributors to success as a homeowner.

If a person is unable to make regular monthly payments on his or her home or if he or she falls seriously behind on taxes, HOA dues, or the mortgage loan, the individual may face serious consequences like liens or foreclosure. If you or someone you love is facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today to discuss your legal options.

Judicial Sale Foreclosure

Foreclosure by judicial sale is one of the most common methods of foreclosure and usually entails:

• The court-supervised sale of mortgaged property
• Proceeds from the sale going to satisfy the mortgage
• Any proceeds left over are contributed to lien holders
• Once debts are settled, the former owner may recover any leftover proceeds from the sale of the home, if any

When the court steps in to supervise the sale of a foreclosed home, there may be a judicial hearing to determine the course of action and to allow the parties involved to state their cases before any action is taken.

Contact Us

Before submitting to foreclosure, homeowners may be able to save their homes and modify their mortgage payment plans. For assistance with your mortgage modification case, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 today.