The Maryland real estate market is shifting. With interest rates still higher than many homeowners would like and affordability stretched thin, foreclosure filings are ticking upward. If you’re a homeowner in Maryland struggling to make mortgage payments, this trend can feel overwhelming. But there’s good news: foreclosure doesn’t have to be the end of the story. A short sale may be your path to protecting your credit, avoiding the stress of foreclosure, and moving forward with dignity.
As a real estate team that specializes in short sales in Maryland, we want you to understand how current foreclosure trends can affect you and how you can take action before the bank takes your home.
What’s Happening with Foreclosures in Maryland?
Recent data shows foreclosure starts are on the rise nationwide, and Maryland is ranked #3 according to the most recent ALTOS data. More homeowners are missing payments, leading lenders to begin the foreclosure process. In many cases, banks would rather avoid foreclosure themselves because it’s costly, time-consuming, and damages the property’s marketability.
This is where short sales become an option. A short sale allows a homeowner to sell their property for less than the remaining mortgage balance, with lender approval. While it may sound daunting, short sales are often a win-win: the bank avoids foreclosure, and the homeowner avoids the long-term financial consequences that foreclosure brings.
How Foreclosures Impact Short Sales
When foreclosure numbers climb, banks often become more open to short sale solutions. Here’s why:
● Banks want to cut losses quickly. With many foreclosures hitting the market, lenders prefer to accept a short sale rather than carry another non-performing property on their books.
● Competition favors proactive sellers. If you start the short sale process early, you may have more negotiating power and less competition from other distressed properties.
● Short sales protect your credit better. A foreclosure can stay on your credit report for up to seven years, while a short sale generally has a softer impact.
In short: rising foreclosure numbers can make lenders more receptive to approving short sales but timing is critical. Acting before the foreclosure clock runs out gives you more control.
How to Avoid Foreclosure in Maryland with a Short Sale If you’re behind on your mortgage, here are steps you can take now:
1. Don’t ignore the problem. The sooner you act, the more options you have. Waiting until the foreclosure auction date is set severely limits your alternatives.
2. Know your rights in Maryland. Maryland foreclosure laws require specific notices and timelines. Understanding these deadlines is crucial so you don’t miss an opportunity to pursue a short sale.
3. Work with a Maryland short sale specialist. Not all agents handle short sales. Our team has the experience, relationships, and systems to manage the paperwork, negotiations, and deadlines.
Why Maryland Homeowners Trust the Short Sale Process Choosing a short sale over foreclosure offers several advantages:
● Preserves your dignity and allows for a more graceful exit.
● Reduces damage to your credit, making it easier to buy again in the future.
● Often eliminates or reduces deficiency judgments (the amount you still owe after the sale).
● Lets you move forward without the emotional toll of a foreclosure auction.
Work With Maryland’s Trusted Short Sale Team
At the Atlas Group of eXp Realty, we’ve helped countless Maryland homeowners avoid foreclosure through successful short sales. We understand the urgency, the paperwork, and the emotions that come with financial hardship. Our goal is simple: to help you avoid foreclosure and find the best possible solution for your situation.
If you’re falling behind on your mortgage payments, or if foreclosure feels inevitable, reach out today. The earlier we talk, the more options you’ll have. Call or text 443-660-8040 or fill out the form on our site.
Contact us now to schedule a confidential consultation with Maryland’s short sale experts.