Summary Of Maryland’s Foreclosure Process

foreclosureA foreclosed home is one in which the home owner was unable to pay his home loan so that the lender took over home ownership through the foreclosure process. You own your property until the title goes to a new owner, usually the foreclosing lender, as a result of a foreclosure sale. If you are unable to make your mortgage payment or have already missed one payment, call your lender NOW. A lien is usually held as security for payment of a debt.

Once the locks have been changed and the homeowners are shut out of the house, but before the foreclosure auction has been conducted, they can try to get access back to the house by calling the local sheriff’s department or the courts. At auction, an opening bid on the property is set by the foreclosing lender.foreclosure

Also known as a trustee sale, the auction is open to …