Maryland Foreclosure Questions & Answers
Q: Great grandmother's property going into lien foreclosure in 2 wks. If I pay taxes, can I sell the property.
Great grandmother died in 1985. Left property as heir property. My mother held power of attorney. My great-uncle attempted to sell the property. He couldn't b/c the heirs never paid my great-grandmother's attorney for the work he did. As such, the deed was never transferred to the heirs. Taxes are... Read more »
There are steps between the taxes being due and a foreclosure sale, but those steps vary by jurisdiction. The short answer is that paying the taxes does not buy the title for you. Unless the actual title owners agree, it buys you nothing but a dubious claim for contribution, and that is limited if... Read more »
Q: I don't think my private mortgage lender was licensed in the state of Maryland, how would I find out and what should I o
The private lender has charged me interest only on a mortgage loan. part of the loan was repayed in Sept 2018 and the balance principal was only supposed to be $7k. The lender and lawyer has been going back and forth with the amount that I owe - from 32k to 9k then to 14k and now I am ready to... Read more »
You can check the registration status of your lender through NMLS (the Nationwide Multistate Licensing System / Nationwide Mortgage Licensing System and Registry). They maintain a consumer oriented website, here:
http://www.nmlsconsumeraccess.org/
Note that not all types of lenders... Read more »
Q: Can a settlement agent who signs a loan application also be the notary and witness on a deed of trust.
Seems to be to many roles and a conflict of interest, fraud or unethical. I read somewhere that only an attorney can prepare deeds of trusts.
If the notary is applying for the loan, he cannot notarize his own signature. Almost all settlement agents are notaries. And, notaries can of course be a witness. That’s pretty much what a notary is: a witness to the authenticity of a signature. Maryland Law does require deeds and deeds of trust... Read more »
Q: My father recently purchased a single-Family home at auction. What is the best way for me to get a loan for 60% equity?
We're trying to understand the laws and process to determine the best way for me to live in the house and pay back the Money to my father. We are trying to avoid as many taxes and fees as possible.
The answer depends on who is asking. For instance, the best thing for your father is for you to obtain a loan and to pay him the full purchase price in exchange for a deed. He then walks away and you live in the house. The best thing for you might be an option to purchase, or a rent-to-own. These... Read more »
Q: Is anyone familiar or heard of Mortgage Edge Corporation. They're listed on Deed of Trust as beneficiary.
But are listed on the mortgage note, as the Lender. The loan has been sold and transferred several times. The latest one it was transferred or sold to is Ocwen Loan Servicing. They've had the loan twice.
The beneficiary under a Deed of Trust IS the lender.
Although this online forum is not designed to seek legal research on specific issues / entities / matters, you can check with the State Department of Assessments and Taxation (SDAT) for information on the last known resident agent for... Read more »
Q: I am a trustee on a property that's in pre foreclosure. I would like to buy the home. Trust doc says we can buy and sell
The second trustee is not communicating with the family after helping herself to funds from the trust for her own use.
What can I do to redeem the property from the bank? Can I take over the loan and have the fees removed? Can I refinance although I'm not on the loan? The borrower has been... Read more »
Your facts are dripping in self-dealing and breach of fiduciary duties, and the claim that one trustee stole funds while the other stole the property are just oozing from your question. The notion that trust instructions give you the power to buy and sell does not mean that you can buy and sell to... Read more »
Q: My foreclosure auction was 4 days ago. I dont know if it sold. I have a tenant living there.
How long before the tenant must leave? I am in Maryland.
As with many things legal "it depends." If the tenant is a "bona fide" tenant (not related to the owner who lost the house), they may get 90 days or they may get to ride out the current lease.
The rules for how long a tenant gets to stay under the terms of their pre-foreclosure lease... Read more »
Q: 3 payments behind on my 1st and 2nd mort & received letter from 1st stating loan mod denied, now what do I do? on SSDI
Do i have any other options? I heard I could do a debt in lieu of foreclosure by handing in my keys. HOW long do I have to do this before I have to move out. These loans were bought during the write off days of the mortgage bust and now I am at risk of losing my house because the new companies... Read more »
A deed in lieu of foreclosure simply means you hand over the keys and deed and move out, but you must first get in writing that the mortgage company releases you from personal liability on the remaining balance of the mortgage. You'll have to cut that deal with the first mortgage holder, and make... Read more »
Q: Is husband liable for a loan wife cosigned for her aunt?
Hello,
My wife and I live in Maryland. She cosigned on a loan for her Aunt, who lives in Florida, to help her buy a house. Could I be in anyway ultimately responsible for it?
Maryland does not shift debt to a spouse, so if a husband never signs any loan documents he should not be personally responsible for the debt of his wife.
Whether or not any assets are at risk will depend how they are titled.
While not legal advice, I hope that this helps.
Q: Can the estate administrator complete a deed in lieu of foreclosure? Is an appraisal required?
My father owes $103,487 and the average home value is $108,000. No equity in the home. Heirs are unable to become the successor.
If there is little or no equity in estate owned property and the lender is willing to accept a deed-in-lieu of foreclosure, then yes, a Personal Representative has authority to sign such a deed. Whether or not a deed in lieu can be done depends on the willingness of a lender.
Note that if... Read more »
Q: Is it illegal to pursue a tax delinquent property owner for the sale of their house if the foreclosure wasn't filed?
As a real estate investor, I target tax delinquent properties. those who are behind on their property taxes. From what I know there is a default time where the home owner goes behind on the property taxes and then I believe it goes to auction and you have to bid for them? I want to pursue the... Read more »
You essentially ask about tax sales. Each county has different dates and specific process for the sales/bidding, but in Maryland if the taxes are ~6 months or so past due, the county holds an auction. The county will advertise the auction in advance. The property owner can pay up the taxes, in... Read more »
Q: I will be relocating. My house has not sold. What are other options to avoid forclosure.
I am trying to avoid forclosure. The house is now on the market and there has not been any interest. I do not want to be a landlord living in another state. But, I definitely do not want to property for forclose. What are other options in the State of Maryland.
A house only goes into foreclosure if the mortgage isn't paid. As long as the owner pays the mortgage, foreclosure should not be a concern, regardless of where the owner lives.
Practically, though, if an owner doesn't have enough money to pay the mortgage if they move elsewhere, two... Read more »
Q: My mother died with a reverse mortgage and deed her home to me and my brothers. Are we responsible for the mortgage?
I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.
Q: My mother died with a reverse mortgage and deed her home to me and my brothers. Are we responsible for the mortgage?
I thought I answered this a few hours ago. The law had not changed since 5:00 pm as far as I know.
Q: I need to know if we are liable for my mother's mortgage.
When she was diagnosed with Alzheimers a lawyer advised us to change her house to the children's names even though she had a mortgage so that if she was put in a nursing home they could not take it. She has since passed and the home was foreclosed on. The sale of the home did not cover all fees.... Read more »
Generally speaking only the borrower(s) who signed is/are personally responsible for debt, although obviously the lienholder / mortgage company has rights to take back the property if the loan isn't paid. At times, however, relatives "assume" a mortgage, in which case they step in the shoes of the... Read more »
Q: I purchased a foreclosed home at auction. I found that someone lives there. How do I evict them?
I do not know who lives there, whether they were renting from previous owner or they were the previous owners.
You can still evict them. I would first attempt to evict "the owner and all occupants" using a forcible/entry and detainer action. If the person living on the property ends up being the former owner then congratulations! If the person living on the property is not the former owner, then they may... Read more »
Q: Can a landlord collect rent on a property that is being foreclosed on???
Yes, generally the owner of the property can continue to use the property or rent it out until it is sold at foreclosure. The law gives certain rights to a tenant under a bona fide lease - if the bank buys back the property a tenant may have the right to continuing living there and paying rent to... Read more »
Q: can you sell your home before foreclosure as of dec 8th will start , have buyer for home was getting modification ?
Until the foreclosure sale, the owner can attempt to sell. Of course, the sale is subject tot he costs and expense of the mortgage. But it remains the best option for realizing full value. But since foreclosure cases are public records, many know that the auction sale will be less expensive.
Q: What’s the foreclosure process in the event of the death of the mortgagee?
my father passed away as the mortgagee i am listed as a tenant in common and we are paying the mortgage currently however that situation could change
The Personal Representative of the Estate stands in your father's shoes. If no estate was opened, it is likely the mortgage company will force the opening of the Estate. You would need to open the estate, anyway, in order to inherit his interest.
Q: How long do banks have to do a recordation after foreclosure in md
What do you mean by "recordation?" At some point, the Trustee that conducted the foreclosure may deed the property to either the bank or a third-party purchaser.
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