More than 17,126 Maryland housing units had foreclosure filings during 2012, an 18.7 percent increase from 2011, according to the Baltimore Business Journal.
December was the highest monthly foreclosure period in 2012, as 2,269 housing units were in foreclosure at the end of the month — a 96.45 percent increase over December 2011.
Maryland’s final 2012 foreclosure total was still 59.6 percent lower than 2010, according to the Journal. Nationally, 2012 foreclosures were down 3 percent from 2011.
Homeowners should know that they could save their property through Chapter 13 bankruptcy, which generates an automatic stay that prevents creditors from taking action against you to collect debts.
A Chapter 13 bankruptcy also affords homeowners the opportunity catch up on past due property taxes and mortgage payments, as you enter into a repayment plan that can last anywhere from three to five years
If you are facing the threat of foreclosure, you can save your home through bankruptcy. Contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
