Encouraging News for Homeowners Under Maryland Foreclosures

by Simon Lindsay on States

Homeowners facing Maryland foreclosures can take heart from the result of a court case involving a homeowner from Ellicott City who sued a foreclosure mitigation company and won. Now, the homeowner is warning others who might get into more trouble by hiring just any firm to help solve their homeownership problems.

A big number of homeowners in Maryland have become victims of bank, government and FHA home foreclosures and most of them are unable to consider the consequences of their immediate actions in their desperation to find a way to save their homes. This is what Susan Spicer is warning them against.

Spicer, like other state residents facing potential government and Citibank real estate foreclosures and bank repossession troubles, found herself on the verge of losing her property, with her lifetime savings along with it. In desperation, she approached the foreclosure rescue firm Royal Financial Services and New Town Properties.

To prevent buyers who wish to purchase bank foreclosure homes from getting hold of her property, Spicer signed her home over to Royal Financial and agreed to pay rent for a whole year, with a promise from the company that her home will be signed back to her after a year.

However, Spicer related that the firm ended up selling her house. That was when she decided to take the company to court. She won the lawsuit and is now warning homeowners facing Maryland foreclosures to be careful of whom they deal with when they encounter a similar situation.

With the help of the state's Protection of Homeowners Foreclosure Act, Spicer won and was awarded $700,000 by the court. According to Civil Justice, a not-for-profit organization that specializes in providing legal assistance to troubled homeowners, the situation Spicer was in has become quite common in various areas of the country. The nonprofit has added a warning of their own; stating that homeowners should never sign a document until a lawyer has scrutinized it and approved its provisions.

The Civil Justice group further revealed that homeowners facing Maryland foreclosures are usually targeted by fraudulent rescue firms, mainly because most of them are unaware of the laws in place and are eager to get any help to save their homes.