Legal Question in Real Estate Law in Maryland
On January 23 rd my mortgage was sent over to the lawyers office for failure of payment and to start foreclosure. I tried to make a $5,000 payment today but they will not accept a partial payment and said I owe $10,0000 when they reviewed the record with me they quoted me payments missed back in 2010 while I was in bankruptcy. I am confused as to what I can do because I will not be able to come up with the rest of the money in a short period of time. Is there any negotiation I can do?
1 Answer from Attorneys
Lenders usually refuse partial payments and the terms of your deed of trust (Mortgage) usually provide that the full payments must be made. That being said, a homeowner can attempt to negotiate either a loan modification or forebearance and you might want to contact the lender/servicer about those options.
If you wish some assistance, you could contact the MD hope hotline and get connected to a non-profit housing counselor.
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