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."