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.