THE TRUTH BEHIND FORECLOSURE IN MARYLAND PART 1 <h1 class="seo">What is foreclosure?</h1> This is the process in which financial institutions especially banks take property to service mortgage loans after being defaulted. This property partially belongs to the bank till the loan is full rendered then the loaned can posses it. A mortgage is a type of loan that a loaned borrows from a financial institution to buy property especially houses. Don’t think this process entails forceful eviction but the institution must go through a legal process. The legal process will enable them attain an order to take the property or not, thanks to the rule of law. We are going to discuss this process in the state of Maryland extensively. <h2 class="seo">Process leading to foreclosure in Maryland</h2> A borrower in need to buy or put up property approaches a bank or any other financial institution to access a loan known a mortgage. She/he must ascertain collateral that involves the same property being borrowed for or another one that its value ranges within the loan price. If he/she successfully service the loan (mortgage) the property is gained fully otherwise the lender (Bank) sells the collateral to recover the loan. <h3 class="seo">Number of foreclosures in Maryland</h3> According to the latest statistics; presently there are many as 600 foreclosed properties in Maryland. This will come as good news to the ears of real estate investors because of the prices involved in getting the property. Financial institution mainly seeks to service the loss incurred and not profits thus a house can cost less than its value. How is foreclosure done in Maryland The rule of law sincerely exists in Maryland; if the borrower cannot service the mortgage, the lender MUST go to court to file a petition. This petition is known as judicial foreclosure, the court listens to both parties and judge fairly. The step that follows involves putting the property on public notice sale. A document known as lis pendens is filed in court, this recorded document involves in stating that the property in question has been foreclosed upon through a public notice. There are also restrictions imposed to those foreclosures that are non-judicial which are present in Maryland. The duration of property foreclosure in Maryland This issue is a very sensitive one, if taken carelessly it affects and destroys humanity among the people in Maryland. The courts take this process professionally to ensure that this act in Maryland is carried out parallel to the rule of law. This proceeding in Maryland takes approximately 90-100 days to effectuate an uncontested foreclosure. The other party (borrower) can delay the process if he/she files a petition against the action of the lender. If good happens after foreclosure in Maryland People know the term as Redemption. This term’s action in foreclosure is not allowed. Redemption in other words is known as post sale which is when the mortgage defaulter wants to regain the property which he/she lost to foreclosure by paying the money that remained and the cost incurred. In simple terms after the foreclosure process no deal between the defaulter and the lender.