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Maverick
Maverick, Lawyer
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Experience:  20 years professional experience
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If I want to Foreclose (in Maryland), how long do I have to

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If I want to Foreclose (in Maryland), how long do I have to vacate the place??
Do I have to keep paying the condo-fee till the bank takes possesion, and does the bank take over the condo fee, once they are the owner???
After the bank puts up the condo for auction, and they dont sell it for the value of the mortage foreclosed, can the bank still try to bleed the difference out of me??
If yes is Bankrupcy a better choice??
Any other pitfalls that I need to know about???
I bought my condo for 99,900-- I owe still about 92,000.--, on the real-estate market it is values at 49,000.--.
Thank you Joseph Loeb, [email protected]

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

 

MD foreclosures typically take about 90 days from notice of default. Thee after you would have about 3weeks to vacate if an eviction action is filed.

 

You would be liable for the condo fees up until the time that your name is XXXXX XXXXX the title to the condo.

 

MD lenders have three years to file for a deficiency judgment. The amount is the balance of the loan in default after the foreclosure sale proceeds have been applied.

 

Bankruptcy is a better choice so that you are not on the hook for the negative balance. If they foreclose, your credit will take a hit anyways. So, you might as well file for BK.

 

 

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