THESE CIRCUMSTANCES CAN LEAD TO

FORECLOSURE IN

MARYLAND

Michael P. Coyle, Esquire Maryland Bankruptcy Attorney

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Even when you are current with your mortgage payments and don’t see any

trouble down the road, you never know what could happen in the future.

You may be in good financial shape right now, but something could change

within your life that throws you a curve. As a result, you may find it a challenge

to pay your mortgage in full and on time every month.

Your lender is not likely to send a notice of foreclosure after one missed

payment. That being said, if this becomes an ongoing issue, you can expect to

hear from them sooner rather than later.

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It doesn’t matter why you are behind on your mortgage payments. The only

thing that matters to the lender is that you catch up right away. If you don’t, you

could find yourself dealing with the many stages of foreclosure, which eventually

ends in you being kicked out of your home.

Here are three of the most common circumstances that increase the

chance of foreclosure:

1. Job loss. When you don’t have enough money coming in, it is often times

difficult to pay your mortgage in full every month.

If you lose your job, it is important to review your finances and make any

necessary changes. While you are sure to have many bills and expenses, your

mortgage is definitely one of the most important.

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Note: people with money in the bank, such as in an emergency fund, have an

easier time avoiding foreclosure in the event of a job loss (or other emergency).

They can use this money to pay their mortgage until they get back on their feet.

2. Death. Nobody wants to think about passing on. Nobody wants to consider

the fact that this could

happen to a loved one. In

some cases, the death of

one person leads to a

variety of financial

concerns.

If the primary income

earner of a household

passes on, the surviving

family members may not

have the money to stay

current with the mortgage. Subsequently, they slip behind on payments and the

lender has no choice but to move forward with repossessing the property.

There are many ways to protect against this, with life insurance among the most

common.

3. Unexpected maintenance. You should never purchase a home with the

idea that you won’t have to take on regular upkeep and maintenance.

Paying your mortgage is a big responsibility, but that is just the start.

Unexpected maintenance and repairs will come up from time to time. When this

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happens, you may find it difficult to deal with these problems while also paying

your mortgage.

Contact your Lender

If you find yourself in trouble, such as missing your last mortgage payment, it is

time to contact your lender to discuss what is going on. For example, they may

be willing to discuss a

loan modification. This is

one of many strategies

that can help you stay in

your home, while

keeping the bank happy.

It is easy to think that

you will always be able

to make your mortgage

payment, but things can

change over time. If you are faced with a circumstance that brings foreclosure to

light, consider all your options for saving your home.

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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