Bankruptcy Lawyers in Frederick MD Provide Insight & Guidance
As we’ve recently been discussing, Maryland has the highest rate of foreclosure in the country. Goren & Tucci serves clients across the state, but we’re particularly engaged with individuals who reside where we have our offices.
In our Frederick office, conveniently located blocks from the Courthouse and Baker Park, we work with a number of homeowners in Frederick, Maryland who are facing foreclosure.
In Maryland, one in every 535 homes are in foreclosure, a .19% rate that’s more than double the national .08% rate according to RealtyTrac and as of April 2016. Frederick County has only a slightly improved figure compared to the state. The foreclosure rate in Frederick is one in every 636 homes.
That varies widely from city to city. While figures can be skewed in smaller locales, consider that Braddock Heights has one in every 22 homes in foreclosure, Libertytown has one in every 75, and Burkittsville one in every 76 homes. Rounding out the top five cities in Frederick County with the highest foreclosure rates are Thurmont, with one in every 409 homes, and Brunswick, with one in every 419.
The city of Frederick itself has one in every 562 homes in foreclosure, but varies widely by zip code as well. In 21704, for instance, one in every 390 homes is in foreclosure, while in 21701, the rate improves to one in every 687 houses.
As experienced bankruptcy lawyers in Frederick MD, we may be able to help you by filing bankruptcy to stop the foreclosure. This is a successful route you may wish to take, but it depends on the specific circumstances you’re facing. Also remember that the bankruptcy normally must be filed before the foreclosure auction is completed, otherwise, with very limited exception, it will be too late.
Further, keep in mind that some homeowners file bankruptcy to prevent exposure to certain forms of debt, without actually seeking to maintain ownership of their home. Instead, they are allowing the foreclosure process to run its course but are using bankruptcy to wipe out debt, including mortgage deficiencies (that is, the difference between the auction price and the amount actually owed by the homeowner) while it can also provide families additional time to arrange their affairs before moving on.
It’s important to carefully evaluate your scenario and what you’re looking to achieve. Contact Goren & Tucci and allow us to tell you more about how we can help as your bankruptcy attorneys in Frederick, Maryland. Call 301.977.4300 and we’ll schedule a free consultation to begin discussing your case.