Latest Maryland Foreclosure Statistics
Goren & Tucci serves our clients as experienced bankruptcy attorneys in Maryland. Therefore, it is alarming, but not surprising, to see data that Maryland has the highest rate of foreclosure in the United States.
We have four bankruptcy law offices in Maryland, including two in Montgomery County, one in Prince George’s County, and one in Frederick County. Therefore, these areas are of particular interest for us, as we deal with the most clients from these locations, and as such, it’s worth taking a closer look at some of the latest statistics and data.
Statewide, Maryland has a foreclosure rate of one in every 535 houses, according to the latest figures from RealtyTrac for April 2016.
Though we represent clients throughout Maryland, the District of Columbia, and Norther Virginia, looking at the three counties where our offices are located, PG County is the hardest hit. The rate of foreclosures in Prince George’s County is one in every 357 homes. That’s the 2nd highest county rate in the state of Maryland, trailing only Baltimore City. The highest foreclosure rates in PG County include Accokeek, with one in every 140 homes, Cheltenham, with one in every 184, Capitol Heights, one in 216, Brandywine, one in 218, and Upper Marlboro, one in 233 homes.
Frederick County has one in every 635 homes in foreclosure. This is a better rate than the state of Maryland as a whole, while the city of Frederick is much closer to Maryland’s rate, with one in 562 homes in foreclosure.
Montgomery County though fares much differently. In Montgomery County, only one in every 1,359 homes is in foreclosure. This is more than twice of the Maryland figure, and is even better than the national figure of one in every 1,212 homes.
Still, it varies widely within the county. For instance, in Barnesville, one in every 89 homes is in foreclosure, in Garrett Park, it’s one in 324, Clarksburg is one in 423, Burtonsville is one in 462, and Montgomery Village is one in every 550 homes.
With more than 40 years of combined experience as bankruptcy lawyers in Maryland, we’re able to help many of our clients keep their homes by filing bankruptcy to stop foreclosure. Whether or not this is the right direction for you to go in depends on the specifics of the situation that you’re in, and we’ll be happy to discuss your case further while providing you with more information on how we may be able to help.
Call our office at 301.977.4300 and we’ll schedule a free consultation to see if filing bankruptcy to stop foreclosure in Maryland is the right decision, and if it’s possible in your situation.