If you are like the majority of Americans you may be wondering if the housing crisis is over.
Is it safe to venture back into the waters? Will I be able to pay my mortgage? It all depends on who you ask. In a recent article by Jacob Goldstein of NPR, they state that while housing prices are rising, the housing crisis is still going strong.
What does this mean for Maryland?
James Briggs, an Associate Editor at the Baltimore Business Journal, illustrates that while the housing market in Maryland may be on the upswing there is a noticeable increase in judicial foreclosures. According to Mortgage Bankers Association a "judicial foreclosure is a court proceeding that begins when the lender files a complaint and records
a notice in the public land records announcing a claim on the property to potential buyers, creditors and other interested parties." This procedure typically ends in the borrower being taken to court to offer evidence that they have made payments on their mortgage and are not in default. In Maryland, most of the foreclosures are quasi-judicial because the cases do not end up with a homeowner being taken to court, but the foreclosure has to be filed with the courts in order to proceed to the actual auction.
If you are struggling to pay your mortgage, St. Ambrose is here for you.
You or someone you may know might be experiencing a financial hardship. Research shows that homeowners working with housing counselors get better results. Housing counselors will work with you to develop an action plan that is based on your unique situation. Please contact us to learn more about the Sustainable Homeownership Workshops and counseling at intakeFC@stambros.org or 410-366-8550.