Salisbury Foreclosure Mediation Attorneys
How The Law Firm of Shaw & Crowson, P.A., Can Benefit You
The Law Firm of Shaw & Crowson, P.A., offers more than 20 years of real estate law experience, combined with extensive bankruptcy experience so that we can explore every alternative. Our attorneys are knowledgeable in title review, and have conducted thousands of real estate closings involving residential loan documents. Additionally, we are familiar with RESPA (Real Estate Settlement Procedures Act) and REST reports which can significantly protect your rights. The REST Report provides information that puts you, the homeowner, on an equal playing field with your lender. It provides you with solid analytical information that may help you appeal or contest a denial of a mortgage modification.
Attorney Ann Shaw (Of Counsel) was involved in the promotion of Maryland’s Protection of Homeowners in Foreclosure Act (PHIFA), which has protected homeowners since 2005. As a result of our depth of knowledge, dedication to staying abreast of changes in the law pertaining to foreclosures and borrower’s rights, and our extensive experience, we are able to effectively review and evaluate the legal documents involved in a mortgage transaction, identify predatory lending scams, and represent clients in complex mortgage mediation. Our law firm also offers experience in contesting the foreclosure process in state court.
Without a lawyer, your lender — with superior knowledge of the process and the law — is likely to attempt to intimidate you. With The Law Firm of Shaw & Crowson, P.A., on your side, your lender is on notice that you are serious about your foreclosure mediation. Contact our Salisbury attorneys to protect your rights today.
Foreclosure Mediation — Guidance From Understanding Attorneys
Foreclosure mediation allows homeowners to avoid foreclosure through less painful alternatives. Our firm may help to negotiate with the lender to arrange a short sale (selling the property for what it’s worth in the current market, and the lender forgives the remaining balance due) or to provide the lender a deed in lieu of foreclosure (in order to keep the borrower’s name and predicament from being advertised in the paper). The foreclosure mediation could also include an agreement for the amicable turnover of the property, including perhaps, additional time for the homeowner to relocate. In some instances, it may be possible to negotiate with the lender to pay the homeowner enough money to move out.
By utilizing a tool known as a REST report, we are able to give you the same footing as your lender with regard to your mortgage. This tool provides us with a breakdown of all the options available to you and your lender. We are able to then use this in negotiations to protect your best interests.
Maryland Foreclosure Mediation Laws That Help Get You Back on Track
Significant procedural changes in Maryland Foreclosure Mediation law — applicable to owner-occupied residential property — are being made all the time. New laws passed in 2010 and new federally mandated procedures implemented in January of 2014 could drastically impact your situation.
Under the law, when docketing a foreclosure, the lender is required to provide a loss mitigation affidavit. The Loss of Mitigation Affidavit must state the following:
- Whether the property is the borrower’s primary residence
- If the loan amount makes the loan ineligible for modification
- If the loan is ineligible because it is a second mortgage
- If the borrower is ineligible for modification due to level of income or failure during a trial modification period
The lender must also provide the borrower with a Request for Foreclosure Mediation. Unfortunately, many borrowers do not adequately understand this form and could unintentionally provide inaccurate or improper information, further jeopardizing their interests in mediation or in court.
Timing is critical in foreclosure mediations. If you request a foreclosure mediation, it must be held within 60 days. Putting an attorney in your corner who understands these rules will help to protect your best interests in the long run.
Following the Foreclosure Mediation We Stay by Your Side
If the parties do not reach an agreement (or if the mediation does not occur within the allowed 60 days or a 30-day extension granted for good reason), the lender may then schedule a foreclosure sale.
The borrower has the right to file a Motion to Stay the sale within 15 days after the mediation, or, if there was no mediation, within 15 days after the Office of Administrative Hearings files its report with the court. However, a delayed mediation could result in the lender scheduling the foreclosure sale before the Office of the Administrative Hearings files its report. Seeking the prompt assistance of an experienced attorney who can facilitate the process efficiently can help avoid this pivotal timing upset.
Contact an Experienced Eastern Shore Law Firm
We discuss your case face-to-face, not by email or over the phone like out-of-state companies. We are Maryland attorneys who know your rights under Maryland law and can represent you in both Maryland and federal courts in the District of Maryland. Our fees are fair and reasonable.
To contact an attorney for experienced legal service close to home, call 410-742-9171.
We are a federally designated debt relief agency. We provide debt relief under the Bankruptcy Code.