10 Things to do if You are Facing Foreclosure

Based on MD DHCD 2014 4th quarter Foreclosure report
Based on MD DHCD 2014 4th quarter Foreclosure report

The St. Ambrose Legal Services department has compiled the following tips for what to do if you’re slipping towards foreclosure: 

  1. Ask for help as soon as you realize you are in financial trouble. The sooner you ask, the more likely you are to get the necessary support to resolve the problem.
  1. Stay in contact with your bank/lender so that they are aware of your situation. If you are upfront and transparent about your financial situation, your bank will better understand your needs and interests.
  1. Do not pay fees for services to assist you with your financial situation when the service is available for free. Thoroughly investigate anyone who is charging you for financial services and what they are doing for the fees.
  1. Take advantage of free services! The state and the banks will inform you of free counseling and legal services that are available to you.
  1. Do not take advice from friends, neighbors, or family, unless they are trained in financing.
  1. Open all of your mail, promptly. Don’t assume you already know what’s inside.
  1. There is no way to get out of the debt obligation. Don’t bother looking for a way out. Instead, determine if a loan modification is a viable option for you.
  1. Understand your responsibilities under the debt obligation. A deed of trust is the same thing as a mortgage. A deed is the document that transfers ownership of real estate.
  1. Know your rights and don’t sign any contracts unless you fully understand the document. You may be offered a ‘friendly foreclosure’ at mediation, but thoroughly research the implications of this sort of agreement before signing any contract.
  1. Do not think the problem will just go away. If you cannot afford your house, start considering what next steps you will take in order to find a new living space.

The threat of foreclosure can be intimidating, but being informed of your rights and responsibilities can make the process easier. Going through a foreclosure doesn’t mean losing everything. If you remain informed and proactive throughout the process you’ll be able to salvage the maximum amount of your investment. Find help, resolve the problem, and look ahead to life after foreclosure. Call St. Ambrose for free legal advice and foreclosure counseling: 410-366-8550 

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Author: Carla Hinson

Housing, Baltimore, and also Brazil.

2 thoughts on “10 Things to do if You are Facing Foreclosure”

  1. I have a couple of questions:
    I have lived in this property over 20b yrs. The new owner/landlord and I are moving towards transferring the deeds to the property over to me.. In the interim I have been paying off old water bills, making repairs and fixing up the place.. No rent is collected at this time because it was agreed to use that money towards repairs and help in the settlement. The property went into tax sale and II paid $2,000.00 to get it out of sale. To date I have paid over $6,500.00 in cash to keep it out of sale again. I have put in a new kitchen and improved the exterior of the property. I have sent the landlord several messages but he has not responded. I am becoming concerned that after paying these debts he may change his mind.

    What type of protection do I have under these conditions/?

    My ceiling is caving in causing flooding when it rain. Who’s responsibility is it to replace the roof?

    Your advise in this matter would be greatly appreciated.

    Janice Gentry

  2. Hi Janice, I will pass your information along to our legal department. Could you send me a phone number where they can reach you? Or, feel free to call us at 410-366-8550, extension 249 for the legal department. We will see how we may be able to assist you or point you in the right direction. -Carla

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