Foreclosure filings are soaring in Maryland
The rate of filings in Maryland has surged into the top 10 nationwide, with the number jumping 84 percent in November compared with a year ago.
In tony Montgomery County, filings doubled to almost 1,000 last month, and Prince George’s County posted more than 2,000 filings — about one-third of the state’s total.
Prince William County — among the hardest-hit areas in the country just several years ago — posted more than 6,500 actual foreclosures in 2008.
Last month, the county’s filings totaled 617, according to RealtyTrac, a company that tracks and markets foreclosed properties — a 40 percent drop from November 2008. Foreclosure filings include default notices, scheduled foreclosure auctions and bank repossessions.
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Those homeowners are still feeling the pain — but now the problem is creeping north, and east.
Anirban Basu, chief executive officer of research firm Sage Policy Group, has said that Northern Virginia has been a leading indicator of the Washington area’s real estate market, while the Maryland suburbs have lagged.
Prince George’s County posted 2,089 foreclosure filings last month, a 68 percent increase from November 2008 and nearly one-third of the state’s total.
In upscale Montgomery County — one of the nation’s richest counties — filings more than doubled to 952. The total was higher than Prince William’s, as well as its Virginia rival, Fairfax County, which saw 757.
And a Germantown neighborhood crept into the top 10 local ZIP codes for November filings. Another was a neighborhood in Woodbridge — with the rest coming from Prince George’s.
Foreclosure totals in further-out Maryland suburbs such as Frederick, Charles and Calvert counties pale in comparison to the sheer volume in Prince George’s. The statewide total of 6,370 in November is up 84 percent from the same period last year.
A well-intentioned law may be part of the problem. Maryland passed a law in April 2008 that increased the minimum length of the foreclosure process. The bill also made lenders wait 90 days after default before filing, and to notify the homeowner 45 days before they do so.
Daren Blomquist, a spokesman for RealtyTrac, said similar programs had been started in other regions, noting a “pretty significant trough” of filings in the Maryland area in mid-to-late 2008.
“Unfortunately, a lot of these efforts really delayed as opposed to stopped [the problem],” he said.
One way out of foreclosure is to modify the mortgage. But permanent modifications are difficult to come by.
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Source: http://www.washingtonexaminer.com/local/Foreclosure-crisis-creeps-from-Va_-to-Md_-8651167-79101272.html
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Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.
Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)
Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”
The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F