Foreclosures

The essence of a mortgage is security for a Promissory Note evidencing an obligation to repay a loan.   The holder of the note is given a lien on one or more parcels of real estate and has the power to sell the real estate to satisfy the obligation in the event the note is not paid in accordance with its terms.   Essentially:  “If you pay, you stay; if you don’t, you won’t.”

In the event the debtor/mortgagor defaults in repayment of the indebtedness or the terms of the mortgage securing it, the note holder/mortgagee has the right to foreclose.  The law governing foreclosures is contained in Maryland's Real Property Article and the Rules of Procedure and the foreclosure process varies depending on the type of property.  The foreclosure process and procedure varies depending upon whether or not the property is residential property, and whether or not it is “owner-occupied.”   In the wake of the economic downturn and the increase in the number of foreclosures, the applicable laws, procedures and the regulations promulgated by the Maryland Commissioner of Financial Regulation were substantially changed in an effort to afford defaulting homeowner’s an opportunity to avoid the sale of their home by negotiating with the mortgage holder. If a satisfactory arrangement cannot be negotiated, alternatives to foreclosure may be possible, e.g., a deed in lieu of foreclosure or a short sale.

The attorneys at Robins & Robins, P.A. are experienced in helping borrowers and lenders with foreclosures. We represent lenders and effectively carry out a foreclosure from the requisite Notice of Intent to Foreclose, filing of the Order to Docket, through the public auction and settlement.  We also advise borrowers who are facing foreclosure and help them choose the best course of action for their situation.