Legal Question in Real Estate Law in Maryland

Hi and thanks;

I own a property in Maryland the is currently in foreclosue, not yet foreclosed on yet. I walked away from the property 5 years ago (it is a condo) because of several condo related mishaps. The main water pipe broke and flooded my unit in december of 2005, by summer after the water problem was fixed it turned into a major mold problem. The condo was under insured and the insurance company and condo would not cover any costs.

I sued and won but in mitigation this covered only a portion of the costs, not including the lost rent for 2 years. 1 year after this the unit above flooded into my unit causing even yet more damage and the unit owner above refused to pay and the condo assoc. was of NO help.

Okay, I just split and told them all to go to hell! Bank of America is foreclosing after all thes years, do they not have an obligation to do this in a more timely fashion? i.e. right to a speedy trial? it seems ridiculous that BOA can wait so long to excercise this option.

Thanks again,

Sincerely,

Charles

I do not have a secret access #


Asked on 7/19/12, 3:57 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

There is no legal requirement that a lender exercise its foreclosure rights within a certain time period. With so many properties in default within the past 2-3 years, many of these procedures are taking years to complete. This has nothing to do with a "speedy trial".

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Answered on 7/20/12, 6:39 am


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