Manufactured foreclosure homes and other types of foreclosed residential properties have risen in numbers in some areas of Maryland during the July-September 2010 period. According to the latest housing market statistics, Baltimore City is one of the areas that recorded rising foreclosure totals during this time.
Filings for foreclosed homes in Baltimore, MD reached 348 for the combined months of August and September. It represents a significant jump when compared with July which only recorded 31 foreclosure filings. However, the August-September figure is much better than June, when 890 filings for foreclosures were recorded in the city.
Foreclosed homes in Maryland are expected to somewhat lessen for the rest of 2010 as a new mediation rule takes effect in the state. This rule requires banks or lenders to send troubled homeowners a loan modification application or informative documents on mitigation and housing counseling 45 days prior to filing a formal foreclosure complaint.
The law also requires lenders to submit an affidavit a month before a distressed property sale, proving that they thoroughly examined the homeowner's eligibility for mortgage modification and other mitigation programs. The regulation is part of efforts on how to find a foreclosed home owner some help to retain his or her property.
According to analysts, the regulation came at a good time as the state was not named among the 23 regions where foreclosures are temporarily put on hold due to questionable foreclosure processing by some banks. Processing of manufactured foreclosure homes, single family dwellings and other foreclosed residential properties will continue on at the state, but the latest rule will help police the processing, analysts have added.
This can provide some comfort to homeowners in the area following JPMorgan Chase's announcement that Maryland is not one of the states where foreclosures are temporarily on hold. The temporary hold was implemented to give the bank ample time to check on the validity of the foreclosure documents related to over 56,000 houses within the 23 affected states.
Although most analysts believe that being included among the states where foreclosures are on hold for now might have helped stem foreclosure problems in the state, including Manufactured foreclosure homes, they believe that in the long run, majority of the halted foreclosures will eventually be lost.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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