Legal Question in Real Estate Law in Maryland
I live in Anne Aundel County, Maryland and my house is in foreclosure. I am prepared to reinstate the loan but when I requested the amount, the fees were $5,000. I am only $7,000. behind on the mortgage. I was suprised to find out that reinstatement will cost over $12,000. In addition, for the past 6 or so years, I have had an issue with the bank not paying my taxes so that the house goes into tax sale and I end up owing fees related to that. I have been unable to get the bank to resolve this issue. I have had my house for 17 years and the original amount financed is only a few thousand more than I currently owe, I think from these fees. What are my best options for getting this situation resolved?
1 Answer from Attorneys
Each case involves unique facts and the options will vary with each situation. You ask a couple of questions.
As far as paying property taxes, a homeowner may be able to opt out of escrow if your account is otherwise in good standing so that the borrower collects and pays taxes itself. Since tax sale will wipe out the lender's interest and it takes some time to get to tax sale after the bill is due, it would be unusual for a lender to let the property go that far.
Generally under the terms of the loan documents, a borrower is fully responsible for all late fees, accumulated interest and such that can easily mount into the thousands. An online post cannot adequately analyze a specific situation and the details of your financial situation, where you are in the foreclosure process and so forth may affect your options.
You are encouraged to either consult with a housing counselor, call Maryland's free hope hotline and/or seek legal assistance from an attorney.
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