The best way to recover foreclosures in Maryland is to let your lender know when you will not be able to make a payment. Lenders usually end up losing money in the foreclosure process and do not actually want to foreclose on your house.

Homeowners will therefore have an interest in exploring all possibilities with a Maryland foreclosure consultant, including forbearance, partial claim, payment modification and payment suspension. More of these options will be available if you are only one or two payments behind.

There are three key actions to take when seeking foreclosure help in Maryland:

1. Review and answer all correspondence from your lender. These notices will contain important information on the foreclosure recovery process in Maryland and any pending legal actions.
2. Make a missed payment by raising money quickly. You may be able to sell a second car, jewelry or other assets, or a family member may be able to get an extra job.
3. Avoid foreclosure recovery scams. Many companies will charge you for information you could get for free. Others may ask you to sign over the title to your house.
   

Action Steps
The best contacts and resources to help you get it done

Know how Maryland foreclosure recovery laws will affect you

Maryland foreclosure recovery laws vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Maryland. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: In addition to a summary of Maryland law, American Foreclosure Specialists provides a description of possible strategies for avoiding a foreclosure on your home. Foreclosurelaw.org offers a summary of Maryland foreclosure laws and a glossary of common foreclosure terminology.

Get foreclosure help in MD

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender if needed.

I recommend: Visit the National Foundation For Credit Counseling’s Homeowner Crisis Resource Center for information and tools to get started understanding your foreclosure options. The Homeownership Preservation Foundation offers a hotline that provides free foreclosure prevention counseling by HUD-approved agencies.

Retain one of the many foreclosure lawyers in Maryland

You may need one of the available Maryland foreclosure lawyers to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Maryland foreclosure law, he or she may be able to make a referral.

I recommend: Robert J. Haeger in Gaithersburg is board-certified in Consumer Bankruptcy in Maryland with specific experience in real estate. Byron L. Huffman is located in Columbia and has extensive expertise in residential real estate.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  You may want to include refinancing when seeking Maryland foreclosure help if you have built-up some equity in your home. You would usually require at least 10% equity to have a reasonable chance at refinancing and it will be easier with more equity. However, you don't want to simply take out a new loan to repay the original mortgage.