3 DETAILS OF THE

MARYLAND FORECLOSURE PROCESS THAT DESERVE

YOUR ATTENTION

Michael P. Coyle, Esquire Maryland Bankruptcy Attorney

3 Details of the Maryland Foreclosure Process that Deserve Your Attention thecoylelawgroup.com 2

There is nothing more terrifying than being faced with the foreclosure process.

This means you have slipped behind on your mortgage payments. It also means

your lender is taking the steps necessary to repossess your home.

As scary as this may be, it doesn’t signify the end. If you learn more about

foreclosure, including the steps your lender will take, you may find it possible to

overcome this challenge to save your home.

Your situation, as well as the process followed by your lender, will determine

how long the foreclosure process takes. This typically lasts anywhere from six to

12 months.

3 Details of the Maryland Foreclosure Process that Deserve Your Attention thecoylelawgroup.com 3

You understand the basics behind foreclosure. You know why the bank is

foreclosing. You know your rights as a homeowner. What you may not know is

that there are finer details that can and will come to the forefront along the way.

It can be a challenge to collect all the necessary information at once. After all,

foreclosure is new to you. Not to mention the fact that you are probably scared,

as you are unsure of what the future holds.

BELOW ARE THREE POINTS THAT DESERVE YOUR

ATTENTION:

1. Notice of Default. This should be important to you for this reason: it

signifies the beginning of the foreclosure process.

While not always the case, this notice will usually arrive one month after you

miss four mortgage payments in a row. Once you receive this notice, it is

essential to communicate with your lender.

Your home is not gone yet. You still have time to explain your situation, discuss

your options, and let your lender know that you want to make things right.

3 Details of the Maryland Foreclosure Process that Deserve Your Attention thecoylelawgroup.com 4

HERE ARE SOME QUESTIONS TO ASK YOUR LENDER:

How far behind am I?

What steps can I take to get back on track?

Is there anything you can do to help me catch up on missed payments?

What can I do to pause the foreclosure process?

What information do you need from me?

By asking these questions, you can be rest assured that both you and your

lender will be on the same page moving forward.

2. Lender negotiations. It is easy to believe that your lender is out to get you.

After all, they want to take back your home.

But remember this: your

lender doesn’t want to

repossess your property.

They are forced to do so

because you have neglected

to stay current with your

mortgage payments.

3 Details of the Maryland Foreclosure Process that Deserve Your Attention thecoylelawgroup.com 5

Your lender may be willing to negotiate with you, but only if you get in touch

sooner rather than later. The longer you let the process drag on the less chance

there is that you will be able to find a resolution.

Contact your lender to discuss your options. For example, they may agree to a

short sale. With this, you don’t get to stay in your home, however, you can avoid

foreclosure. Additionally, a loan modification could help improve your situation.

Don’t let anybody tell you your lender wants to take your home. This is not true.

They are open to negotiating.

3 Details of the Maryland Foreclosure Process that Deserve Your Attention thecoylelawgroup.com 6

3. Get professional help. You should never be under the impression that you

are on your own. There is professional help to be had, as long as you know

where to look.

For example, a foreclosure defense attorney can step in and provide you with

advice and guidance. With the

right team of professionals on

your side, it won’t be long

before you better realize your

situation and what you can do

to make things better.

If you opt to move forward on

your own, you may make

mistakes along the way that

lessen your chance of saving

your home.

There are other details of the

foreclosure process that you

must become familiar with, but

understanding these three will

surely improve your situation.

Remember, your home is not gone until it is gone. If you have received a Notice

of Default from your lender, don’t hesitate in learning more about your situation.

3 Details of the Maryland Foreclosure Process that Deserve Your Attention thecoylelawgroup.com 7

About the Author

Michael P. Coyle, Esquire

Mr. Coyle is one of the founding partners of Chaifetz and Coyle. Prior to Chaifetz and Coyle, Mr.

Coyle was a law clerk to The Honorable Robert J. Yock. Mr. Coyle then was an attorney with

several of the largest and most prominent law firms in the country, before starting his own

practice.

Mr. Coyle graduated summa cum laude from The Washington College of Law (American

University) in 1994, and was a member of The Law Review. Prior to Law School, Mr. Coyle

graduated with a BA in Government from Franklin & Marshall College, Lancaster, PA.

Mr. Coyle’s practice specializes in bankruptcy, foreclosure defense, general litigation, civil rights,

and employment discrimination. Mr. Coyle manages the Bankruptcy Department of Chaifetz &

Coyle.

6700 Alexander Bell Drive, Suite 200 Columbia MD 21046

Phone: (410) 884-3180 Fax: 410-884-3104