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Foreclosure mess affects local firms

Uncertainty about the status of hundreds of foreclosures in Maryland has sounded the alarm for some lawyers, while others are taking it in stride. Perhaps hardest hit by the confusion are the lawyers assisting lenders in residential foreclosure. A lawyer who asked not to be named said he was forced to lay off eight employees ...

3 comments

  1. There needs to be a bit more balance and specificity here.

    In my experience, banks are not foreclosing on properties where the loan is only 90 or even 120 days past due. In most instances that I see, the loan is over one year past due, the debtor has been through at least one bankruptcy and often at least one or more loan deferrals.

    I am curious how this compares to Ms. Taitano’s experience.

    It is one thing to try to save a loan that is only 60 or 90 days past due. It is quite another when the loan is a year or more past due. Once the delinquency has gotten to that level, it is likely that the buyer was not financially ready to handle the loan or is no longer able to handle it due to changed circumstances. Keeping a homeowner in their home under these circumstances only delays the inevitable and places an incredible burden on the already catatonic housing market.

  2. Lawyers are required to sign these materials because by signing they take responsibility for what they file with the court. This keeps us accountable. Volume of work does not justify ducking one’s professional obligations, no matter how lucrative the circumstances.

  3. re: Isolde’s statement. I actually brought up this same issue in court (defense of foreclosure) a couple of years ago in Baltimore County, but the judge didn’t buy it.

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