As of January 2023, the foreclosure rate in Maryland is a topic of concern for many residents and policymakers. According to recent data, Maryland has one of the highest foreclosure rates in the country, with many families struggling to make their mortgage payments.
The foreclosure rate in Maryland has been steadily increasing over the past few years, with January 2023 marking a particularly difficult period for many homeowners. According to data from the Maryland Department of Housing and Community Development, there were over 6,000 foreclosure filings in the state during the month of January 2023 alone. This represents a significant increase compared to the same period in 2022, when there were just over 3,000 filings.
The rise in foreclosure rates can be attributed to a number of factors, including the ongoing economic impact of the COVID-19 pandemic, as well as an increase in the cost of living and housing prices in the state. Many families are struggling to make ends meet, with rising healthcare costs, job loss, and other financial burdens making it difficult to keep up with mortgage payments.
To address the foreclosure crisis in Maryland, policymakers and community organizations are working together to provide support to homeowners who are struggling to keep their homes. This includes offering financial assistance, counseling services, and legal representation to those who are facing foreclosure.
In addition, there are a number of programs and resources available to help homeowners navigate the foreclosure process and protect their homes. For example, the Maryland Department of Housing and Community Development offers a variety of programs to assist homeowners, including the Maryland Mortgage Program, which provides financial assistance to eligible borrowers to help them keep their homes.
It is important for homeowners in Maryland to be aware of their options and to seek help if they are struggling to make their mortgage payments. By working together and taking advantage of the resources available, we can help to reduce the foreclosure rate in Maryland and support families in keeping their homes.
The foreclosure rate in Maryland in January 2023 is a cause for concern, but it is not a hopeless situation. Community organizations and policymakers are working to support homeowners and reduce the number of foreclosure filings in the state. If you find that staying in your home simply isn’t feasible or desirable, rather than opt for foreclosure, contact us to discuss your options for selling right away.