Maryland now has one of the highest foreclosure rates in the nation. Bankruptcy rates are almost sure to rise as well. As one of Southern Maryland’s largest bankruptcy law firms, we are seeing this increase in bankruptcy filings almost every day. Now the Washington Post has chimed in today with what we already know.
The Post reports that in the first 6 months of this year, Maryland went from having one of the lowest foreclosure rates in the nation, to being third highest. That is a very sudden increase.
A lot of this is due to the holdover from 2010. Lenders had to suddenly cease all foreclosures and get their documentation together. That took a while. And last year saw the nationwide settlement with various state attorney generals (including Maryland’s) that took care of that problem. Now, there is nothing in their way if they want to put the pedal to the metal on foreclosures.
What the Post does not discuss is the effect of the sequester cuts on foreclosures and bankruptcy filings in our local area. A large part of Southern Maryland, Waldorf, and Lexington Park is being hit hard by sequester cuts. That means people living on the edge trying to save their home will now fall over that edge. What is going to happen then?
We predict foreclosures and bankruptcy consultations will rise in our local area for some time to come – due to the combined effects of this sudden boom in foreclosure filings, combined with the sequester cuts.
If you are facing foreclosure, contact us today for a consultation about your bankruptcy options. You could be able to save your home and wipe out your debt and survive this crisis – but you won’t know until you discuss it with an attorney. Call us today.