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Servicing / The Ticker

Maryland hit with a second foreclosure wave

Long-delayed foreclosures finally sweep the state

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Maryland is a state where the foreclosure process can take a while, and the state is paying for these delays now with a second foreclosure wave.

The Washington Post claims in a new report that “between January and June, Maryland went from having one of the lowest foreclosure rates in the nation to the third highest.”

The cause of this second wave – a backlog of delinquent loans that are just now making their way through the foreclosure pipeline.  

The Washington Post says:

“the backlog of troubled loans grew, mainly in states such as Maryland, where courts approve foreclosures and the process takes much longer. Lawmakers in Annapolis also passed a series of reforms to help homeowners try to save their homes, which made the foreclosure timeline even longer."

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