subject: Rules Governing Foreclosures In Baltimore [print this page] People who are considering to purchase foreclosures in Baltimore would do well knowing some of the prevailing foreclosure rules in effect. This way, they may be guided properly on what to expect should they decide to close in on a foreclosure for sale to make the purchase. Basically, the government aims to protect the rights of borrowers facing foreclosure and assist them in getting their personal finances in order so that they can continue servicing their debt.
Foreclosures in Baltimore are highly viable investments if the prospective buyers would take the time to educate themselves on the workings of foreclosures especially the rules and regulations affecting these properties and their former owners.
The Pre-Foreclosure
Before mortgage providers can initiate foreclosure it must be clear that the buyer has indeed failed to meet their mortgage obligations for a prescribed period of time stipulated in the deed of trust. Mortgage providers are required to properly notify borrowers of their intention to carry out a foreclosure proceeding 45 days before actually filing for foreclosure. The notice should have all the pertinent information relating to the foreclosure including the involved parties, a third party who can restructure the debt and the options available to the borrower to stop the proceedings.
Filing of the Notice of Foreclosure
The notice of foreclosures in Baltimore must be filed by the mortgage provider in the county court house where the home is situated. The mortgage provider is responsible for personally serving the notice to the borrower but if they have been unsuccessful after two attempts they can send it through mail addressed to the property in question. On the other hand the borrower is required to file a number of documents with the same court, which may include the notice of foreclosure received, the outstanding amount that needs to be serviced, the deed of trust and other related documents.
