According to a news report released by the Baltimore Sun, 4% of Maryland homeowners are in danger of losing their homes to foreclosure.  According to the report, lending institutions filed to begin foreclosure proceedings on 13,000 mortgagors, up 2,500 compared to the preceding three months.  This represents one of the largest increases in the nation.

Economists believe that this is likely due to a recent spike in seriously delinquent loans, combined with lenders attempting to beat the deadline on the state's new requirement for mandatory foreclosure mediation, which will take effect starting in July.

If you or someone you love is facing foreclosure, the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. may be able to help.  Please contact us today by calling 443-546-4608.

A new bill could increase the chances of Americans in financial troubles to keep their houses.

In the Restoring American Financial Stability Act, a fund would be established to lend up to $50,000 to unemployed homeowners, given that these homeowners could possibly begin to make payments within two years. The federal bill is modeled after Pennsylvania's Homeowners' Emergency Mortgage Assistance Program. The funding for this project would come out of the Troubled Asset Relief Program (TARP), and total $3 billion.

Last week, the Senate passed the bill, but changed the wording of the bill, requiring the legislation to pass through the House again for a reconciliatory vote. If a resolved bill passes, the President is expected to see a draft by the July 4, 2010 recess. 

There are many possible solutions for homeowners to defend against home foreclosure. Given the current economic situation, though, the situation of many seems too far removed from any semblance of security to keep their houses. If you believe you are facing impossible odds or simply need a little help to make sure your home will not be suspect to foreclosure, a legal professional specializing in foreclosure defense and mortgage modification may be exactly what you are looking to find. Contact the Maryland foreclosure defense attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

Investigation into the big banks has revealed that, some times, getting mortgage modification from one division of a large bank will not necessarily stop the foreclosure process.

In the course of business, these massive banks will fail to communicate between branches, causing those in charge of foreclosure to not receive very necessary information from mortgage modification branches. While some Americans were able to catch these mistakes before they lost their homes, others were not so fortunate. According to both Chase and Bank of America representatives, the banks may be at fault, but are certainly doing their best to remedy each situation they are informed of or can catch in advance.

Although reasonable expectations may not include such massive institutions to find absolutely every error between departments, the errors are not minor. When Americans are protected against foreclosure during a period of trial or awaiting mortgage modification, the failure of banks to protect their clients from miscommunication is causing homeowners to suffer for another's mistakes.

One homeowner received their house back, with a newly modified mortgage, after it had been sold, and within days of eviction. The individual who purchased the house through foreclosure auction was paid the buying price of $86,000 plus $19,500 in compensation for the mistake.

Protecting yourself with experienced and professional legal advisors could help you keep your house. Contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., today by calling 443-546-4608, and make sure your bank is not overlooking you.

Foreclosure doesn't always signal the end of financial burdens. According to the IRS, canceled debt from a forgiven mortgage is considered a form of income, which must be taxed. Most people walking away from an unaffordable mortgage do not realize the tax obligation associated with it.

This is considered income because if a consumer borrows money, cannot pay and is forgiven, he or she may be in a better financial position than where he or she started. Canceled debt can be exempt from tax filings if it was originally used to buy or build a house, but debt for other purposes cannot be exempt. Occasionally taxes can be avoided, but only if a person can prove that his or her debt is greater than his or her total assets, but even then he or she might incur some taxes.

If you are considering mortgage modification to avoid foreclosure, you should be aware of everything that goes into the process. To learn more, contact Chaifetz & Coyle, P.C., the Maryland foreclosure defense lawyers, today by calling 443-546-4608.

The government program intended to relieve borrowers who are in trouble with their mortgages may only be able to help about one million people, a congressional watchdog panel reported. About 230,000 people received aid from Making Home Affordable through March, but the program is not equipped to reach the majority of homeowners, reports say. About 150,000 people have been dropped from the program because they were unable to make payments or their lenders found them unqualified after already joining the program.

Many people are still waiting to hear if they qualify for federal aid. Some say the government is not keeping up with the needs of the crisis. The administration said it plans to add features to the program. Nonprofit groups and government officials have begun coordinating in a network to come up with solutions and share information.

 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.