U.S. bank failures reached 26 this year as four more were closed in Maryland, Utah, Florida and Illinois. The FDIC was unable to find buyers for the Maryland and Utah banks. Residential and commercial real estate loans made at the height of the market are now seeing huge losses as lenders are collapsing at the fastest pace in 17 years, experts say. One expert predicts that this year's failures will exceed last year's total of 140.

Some say the FDIC may issue $4 billion of bonds this month. It sold $1.81 billion of notes Friday, which are backed by mortgage securities collected from failed banks.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546- 4608.

The Maryland Mortgage Program, part of the state's Department of Housing and Community Development, reduced interest rates Monday, effective immediately. Part of this action means that its zero point mortgage interest rate was reduced to 5.25 percent. This is down from 5.75 percent.

First-time homebuyers have several low-interest, fixed-rate loan options from the state-run mortgage aid program. The department plans to aid 1,600 potential homeowners buy properties through state and federal mortgage assistance programs. The federal government's New Issue Bond Program partly backs the Maryland Mortgage Program. They hope to provide an incentive for people in the market to buy a new home.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

Maryland has weathered the recession fairly well, but foreclosure rates in 2009 rose to 70 percent higher than 2008 rates. Gov. Martin O'Malley proposed legislation that would require mediation between lenders and borrowers. The bill would require mediation, but it would also require lenders to make a legal document stating that they have tried all other options before filing for foreclosure.

State programs can help people modify their loans and escape foreclosure. Lenders don't publicize that information, so many homeowners are not aware of the other options. In these situations, mediation would come into play if both the lender and the borrower dispute whether the homeowner is eligible for any of the programs. The new bill would not solve the problem completely, but it would help.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

A Maryland man owing nearly $972,000 on nine properties in Hagerstown, Md., defaulted on a mortgage for the properties. After trying to negotiate with the bank, he could not work out an agreement. The foreclosed buildings were up for auction Tuesday, but none sold. An auction for another four of his properties will take place this week.

He said the market is terrible right now, and even though a few people showed interest in his properties, they were not willing to pay what was asked. Because no one bought any of the properties, the bank took them back. He claimed huge maintenance costs and unsteady tenant retention as his reason for surrendering the buildings to foreclosure.

 If you're facing foreclosure and are worried about your options, find out what the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., can do for you. Contact us today by calling 443-546-4608.

Foreclosure rates and mortgage delinquency rates have both increased in Salisbury, Md.

 The rate of foreclosures among those with mortgage loans is 2.26 percent for December, while December 2008 was only at 1.67 percent. The foreclosure rate in Salisbury is still 0.9 percentage points lower than the national average for December, however.

 The mortgage delinquency rate for Salisbury went up 3.27 percentage points also, according to a study by First American CoreLogic.

 If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

Anne Arundel County has changed its controversial "short sale" tax policy.  In a short sale, a house is sold for less than the seller's mortgage.  Under the old policy, taxes were based not just on the sale price, but on the price plus any amount of the loan that was forgiven by the lender.  If a house with a mortgage of $200,000 was sold for $150,000, the tax was paid on $200,000.  The new policy will change the rules so that the sale money will be the only amount taxed - only $150,000 will be taxed on the house from the previous example.

If you're facing foreclosure and are worried about your options, find out what the Maryland mortgage modifcation attorneys of Chaifetz & Coyle, P.C., can do for you.  Contact us today by calling 443-546-4608.