Can I Still Sell My House in Foreclosure in Maryland?

Getting a foreclosure notice can be scary. Between letters from your lender, court paperwork, missed mortgage payments, and growing fees, it may feel like you've already lost control of your home.

But starting foreclosure does not necessarily mean it's too late to sell.

If you're asking, "Can I sell my house in foreclosure in Maryland?", the answer is often yes. However, the longer you wait, the fewer options you may have.

Understanding where you are in the Maryland foreclosure process is the first step.

How the Maryland Foreclosure Process Works

Foreclosure doesn't happen after one missed mortgage payment. There are several steps that generally take place before a property can be sold at auction.

According to Maryland Courts, a lender may generally file a foreclosure action 90 days after a borrower defaults on the loan. The lender must also send a Notice of Intent to Foreclose at least 45 days before filing the foreclosure action.

Once the case moves forward, you may see terms like these:

Notice of Intent to Foreclose

This is an important warning that your lender plans to begin foreclosure.

Don't ignore it. Receiving this notice is a sign that it's time to contact your lender and start looking closely at your options.

Order to Docket

The Order to Docket officially begins the foreclosure case in the Circuit Court where the property is located.

If you've received these papers, the foreclosure process is moving forward, but that does not automatically mean your house is being auctioned tomorrow.

Loss Mitigation or Mediation

Depending on your situation, you may have opportunities to work with your lender or request foreclosure mediation.

Possible solutions may include a loan modification or another agreement with the lender. What is available will depend on your loan and financial situation.

Foreclosure Auction

If the foreclosure isn't resolved, the property can eventually be scheduled for a public auction.

Maryland requires notice before the auction takes place, so pay close attention to every letter and legal document you receive.

When Can You Sell a House That's in Foreclosure?

If you still own the home and the foreclosure auction hasn't happened, selling may still be an option.

The earlier you act, the better.

Selling before the foreclosure process gets too far along gives you more time to find a buyer, determine how much you owe, handle title issues, and complete the closing.

If an auction has already been scheduled, time becomes especially important.

Putting the house up for sale or signing a contract does not automatically stop the foreclosure. The transaction needs to be completed in time to deal with the mortgage and other amounts that must be paid.

If you're close to an auction date, speak with your lender, foreclosure attorney, housing counselor, or another qualified professional immediately so you understand the deadlines that apply to your home.

Find Out How Much You Actually Owe

Before deciding whether selling will solve the problem, you need to know what it will take to pay off the property.

The amount may include more than your remaining mortgage balance.

Depending on how far the foreclosure has progressed, there could also be:

• Missed mortgage payments

• Late fees

• Interest

• Attorney or legal expenses

• Other costs connected with the foreclosure

Ask your lender or loan servicer for an up-to-date payoff amount.

Then compare that number with what the home could realistically sell for.

If the property is worth more than you owe, selling may allow you to pay off the debt and keep the remaining proceeds after other costs connected with the sale.

If you owe more than the home is worth, the situation becomes more complicated. You may need to discuss options such as a short sale with your lender and appropriate professionals.

Why Waiting Can Make Foreclosure Harder

It's understandable to put off dealing with foreclosure. The paperwork can be confusing, and the situation itself can be stressful.

Unfortunately, waiting usually doesn't make the problem easier.

As the process continues, fees and other costs may increase. You also have less time to arrange a normal sale before an auction.

Even if you don't know what you want to do yet, start gathering information now.

Find out:

1. Where you are in the foreclosure process.

2. Whether an auction date has been scheduled.

3. How much you currently owe.

4. What your home may be worth.

5. What options your lender has offered.

6. How quickly you could sell if that's the path you choose.

You don't have to make every decision today, but you should know what deadlines you're working with.

Selling Traditionally During Foreclosure Can Take Time

You can consider listing a home with a real estate agent while you're in foreclosure.

The challenge is timing.

A traditional sale may involve preparing the property, taking photos, scheduling showings, finding a buyer, negotiating an offer, completing an inspection and appraisal, and waiting for the buyer's mortgage approval.

That process can work when you have enough time.

But if an auction is approaching, delays become a bigger risk. A buyer's financing problem or another last-minute issue could prevent the sale from closing when you need it to.

That's one reason some Maryland homeowners in foreclosure consider a direct cash sale.

We Buy Houses in Foreclosure in Maryland

If you need to sell quickly, we're here to help you explore that option.

At Dominion Properties, we buy houses in pre-foreclosure throughout Maryland. Because we purchase homes directly, you don't have to go through the normal listing process.

We buy homes as-is, which means you don't have to spend money making repairs before selling.

There are also:

• No agent commissions

• No fees

• No repairs required

• No open houses or repeated showings

• No need to stage the home

We'll look at your property, explain our offer, and work with your timeline.

If you already have a foreclosure auction date, tell us immediately. Knowing the date helps everyone understand how much time is available.

Don't Ignore Your Other Foreclosure Options

Selling isn't your only possible option, and we don't want homeowners to think it is.

Depending on your situation, you may also be able to work with your mortgage servicer, seek a loan modification, pursue foreclosure mediation, or explore another foreclosure prevention option.

Maryland also provides foreclosure assistance through the Maryland HOPE Hotline at 1-877-462-7555. Housing counselors can help homeowners understand foreclosure options.

If keeping your home is your goal, it's worth exploring those options before deciding to sell.

If you've decided that keeping the home is no longer realistic, then selling may give you another way forward.

What If the Foreclosure Auction Is Coming Soon?

This is when you should act quickly.

First, confirm the actual auction date. Don't rely on memory or assume that a letter you received months ago still reflects the current schedule.

Then contact your lender or servicer and appropriate legal or housing professionals to understand what must happen to prevent the sale.

If you're considering selling the property, tell potential buyers that the home is in foreclosure and that there is a deadline.

The important thing to remember is that a promise to buy your home isn't the same as a completed sale. When you're facing foreclosure, the ability to actually close on time matters.

Facing Foreclosure? The Most Important Thing Is to Act

Start by finding out exactly where you are in the process and whether an auction has been scheduled. Then compare your choices, including options that may allow you to keep the home and the possibility of selling before the foreclosure moves further along.

If selling is the right path for you, we're here to help.

At Dominion Properties, we understand Maryland real estate and have experience working with homeowners who need to sell on a tight timeline. We'll explain the process clearly, answer your questions, and give you a no-obligation cash offer for the property as-is.

Contact us today to talk about your situation. If you have an auction date, let us know when you call so we understand your timeline.

This article provides general information and is not legal or financial advice. Foreclosure deadlines are important and each case is different. Consider speaking with your mortgage servicer, a Maryland housing counselor, or a qualified attorney about your specific situation.