Avoid Tax Lien Foreclosure Fast Baltimore, get offer online at sellmybaltimorehomefast.com or Call 240-230-6553.
The following is a brief overview of what foreclosure is in Baltimore and a few ways it can be stopped. Because Sell My Baltimore Home Fast serves Maryland, I’ll be providing over all Avoid foreclosure Fast Baltimore guidelines. To find out about foreclosure laws regarding your state, please consult an attorney. Foreclosure is the legal preceding initiated by a creditor to repossess the collateral of a loan that is in default. In the case of home foreclosures, the creditor is the bank or the lender. The collateral is your home and the default occurs when the home owner misses payments on the loan for a period of time. To begin the Baltimore MD foreclosure process, a lender must file a complaint against the borrower and obtain a decree of sale from a court that has jurisdiction where the property is located. The court will then determine whether a default has occurred. If the court finds a default, it will determine the total amount of the debt, interest, and cost due and present a sensible time for payment to be made. The court may order that if payment is not made within a certain time, the property must be sold to satisfy the debt. Before the sale date is set by the court, the lender is not required to notify the buyer of the pending foreclosure precedings. If the borrower does not pay the outstanding amount owed, the property will go to the auction to be sold. Some states require public notice to be given of the impending auction and some do not. In DC and Virginia, the trustee announces the opening bid at the sale and may accept higher bids with the property selling to the highest bidder. The trustee is an institution to whom the lender gives legal title to your home until the loan is paid off in full. At the auction, if no one bids, the foreclosing lender will win the bidding with the opening bid. The trustee completes the necessary documents to transfer ownership of the property to the highest bidder. Auctions are typically held on the courthouse steps or an auction house, depending on the state. In Virginia and DC, the borrower has no right to redemption after a deed of trust foreclosure sale. This means that the auction sale is final and the ownership of the property will revert to the highest bidder and you’ll be forced to move from your home. In Maryland, there’s no established redemption period for the borrower, but the courts can set a redemption period on a case by case basis. The lender can, but usually doesn’t, seek a judgement against the borrower, if the sales price to highest bidder, is less than what is owed to the lender. Again, while the foreclosure process vary from state to state, it typically takes from a few months, all the way up to a year, depending on the lender. The borrower has the option to pay off the outstanding balance and fees within a certain period of time prior to the auction. This process is referred to as reinstatement. This is one of the ways that a foreclosure can be stopped. First, you call us at the number above or fill out the get an offer form, and one of our local home buying specialists will ask you a few simple questions about your house. After collecting that information and doing our analysis, we will give you an instant and fair offer over the phone. When you accept our offer, we come out to visit your house, answer your questions, and fill out the paper work. From there, we schedule a settlement date that is convenient for you. And on that date we officially buy your house. Lastly, your house is sold, and you receive your money fast. No interviewing agents, no realtor commissions, no dealing with contractors and repairs. We’re local and we’re experienced. We have bought over 300 properties in the DC, Maryland and Virginia areas. Call us now for a free and confidential consultation. Get an offer in 24 hours.
Avoid Tax Lien Foreclosure Fast Baltimore, get offer online at sellmybaltimorehomefast.com