Filing Bankruptcy May be Able to Help You Keep Your Home

Did you know that Maryland currently has the highest foreclosure rate in the United States? It may come as a shock, but at Goren & Tucci we’re certainly not surprised, as we continue to work with many clients who find themselves in this position. The good news is that with limited exception, filing bankruptcy will stop foreclosure.

According to the latest data from RealtyTrac.com, in April 2016, Maryland was found to have the highest foreclosure rate in the United states. The figure in the state is that .19% of all homes, or one in every 535, is in some phase of the foreclosure process.

This compares to a .08% rate nationally, or one in every 1,212 homes. The rate of foreclosure in Maryland is more than double that of the national figure. More spotlight has seemingly been given to states such as Nevada, Florida and New Jersey, but Maryland has a higher foreclosure rate than all of them.

As experienced bankruptcy attorneys in Maryland, we’re often able to find solutions for our clients. As with many things in life, timing is critical. In all but the most rare cases, bankruptcy filed before the auction is completed will stop the sale.  For this reason, we recommend that you meet with an experienced attorney as soon as possible. At least with respect to Maryland, recent case law (currently on appeal) may provide an avenue for a bankruptcy filing to claw back a foreclosed home even after the sale  To find out if you may qualify, schedule your free consultation with Goren & Tucci today.

Of course, there may be other circumstances to take into account as well. Even where saving a home is not the goal, or when it is not realistic, bankruptcy can still temporarily stop a sale, eliminate exposure to the foreclosure “deficiency” (that is, the difference between what you owe and the auction price. Often, foreclosed homes are sold for far less then what the homeowner owes on their mortgage(s)) and allow you to eliminate other burdensome debts as well.

Temporarily stopping a foreclosure may give you and your family the time to gracefully move from the property and arrange your affairs. Goren & Tucci has worked with lenders and banks to negotiate terms of the surrender of their home, including “rent back” options to allow homeowners to remain in their home for a temporary period, such as to allow their children to finish out the school year before having to move.

If you’re one of the many Maryland residents who is facing foreclosure, get in touch with Goren & Tucci and let us show you how we may be able to help. Filing bankruptcy to stop foreclosure in Maryland can be accomplished successfully with the right insight and guidance from an experienced legal team.

Call our office at 301.977.4300 and we’ll provide you with more information and schedule a free consultation to begin discussing your specific situation.