A new law went into effect on July 1st in Maryland to help the many facing foreclosure after the economic and housing market downfalls. 

The law says that if a borrower misses a mortgage payment they will receive a Notice of Intent of Foreclosure in 45 days in the mail.  Furthermore, if borrowers do not file the foreclosure if the problem has not been worked out by 90 days after the missed payment.  Borrowers have 105 days to request foreclosure mediation services.  If mediation has not been requested by then, the property may then be sold 135 days after the missed payment.  

One housing counselor with the Frederick Community Action Agency, Joseph Baldi, stated, "It's a one-time chance.  Too many people just ignore the letter or do nothing".  In addition, Baldi said he had noticed an increase in lenders' flexibility in working on modified payments.  "The lenders don't want to have a vacant property.  It is better to have someone in the house," stated Baldi.

If you or someone you know is facing foreclosure, contact the Maryland foreclosure defense lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 to learn more about your rights. 

Maryland has one of the country's highest rate of foreclosures, and Prince George's County is leading the state.  34.6 percent of the county's home sales were as a result of foreclosures.  Furthermore, Prince George's had a total of 881 foreclosure filings in the second quarter, while the second highest number was 704 in Montgomery County.  

In May, Maryland had the 10th highest number of foreclosures in the country.  The national average of percentage of sales due to foreclosures is 31 percent, while Maryland's percentage of sales due to foreclosures is at around 20 percent. 

If you or someone you know is facing foreclosure of their home, contact the Maryland foreclosure defense lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 to learn more about your rights.

Delinquencies on loans in commercial mortgage-backed securities rose by the smallest amount in 11 months in June, according to statistics released by Fitch Ratings.

Fitch said CMBS delinquency index rose to 8.14 percent in june from 7.97 percent a month prior. 

CMBS mortgages have been hit particularly hard in the last year as the recession and financial crisis have pressured rents and occupancy levels. This poor performance in the real-estate market has made it difficult for property owners' ability to keep current on their borrowings. 

Fitch Managing Director Mary MacNeil believes that borrowers who are unable to access capital for the cost of attracting tenants and those unable to restructure loans may stop "subsidizing" interest payments to their lenders.

If you need a legal professional to help you make sure your mortgage modification is a reliable operation to improve your financial situation, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., by calling 443-546-4608 today.

Mortgage rates on 30-year loans have fallen to a record low for the second week in a row.

According to McLean, Virginia-based Freddie Mac, which has been tracking rates since 1971, rates on 30-year fixed interest loans dropped to 4.58 percent in the last week, down from 4.69 percent the previous week. Additionally, the average 15-year fixed fixed interest loan rate fell to a record 4.04 percent. 

Unfortunately as the interest rates plummet, the housing market does as well. The National Association of Realtors reported a thirty percent drop in may contracts to buy previously owned homes as the home-buyer tax credit expired. 

A one-year adjustable-rate mortgage (ARM) averaged 3.80 percent last week, up from the previous week's 3.77 percent.

If you are looking to refinance your mortgage, working through an experienced legal professional can help you get the best results with the least amount of headache. Contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C., by calling 443-546-4608 today.