In this current economy, many are facing the unfortunate possibility of losing their home.  BUT YOU DON’T HAVE TO LOSE YOUR HOME AND YOU DON’T HAVE TO SIT BACK AND DO NOTHING!!!!!  There are many federal and private options that are available to you to either keep your home or lessen the financial impact of losing your home.  Here are just a few:

  1. MODIFICATION – This allows you to change the terms of your mortgage to put you in the best position to resume the mortgage for your home.  There are options through the federal government and your lender that will allow you to modify your mortgage.  To learn which options may be available to you, consult your mortgage company or an attorney.
  2. DEED IN LIEU OF FORECLOSURE – To avoid the expenses and agony of foreclosure, you can deed your property over to the mortgage company and they will agree to terminate foreclosure proceedings.
  3. SHORT SALE – A short sale allows you to sell your property to a third party for less than what you owe and possibly be relieved of the balance due on your mortgage.
  4. REPAYMENT AGREEMENT – This allows you to bring your mortgage current by making a larger or second monthly payment for a defined period of time.
  5. BANKRUPTCY – There are 2 Bankruptcy options: Chapter 7 or Chapter 13.  A Chapter 7 Bankruptcy is a complete discharge of ALL debts and fresh start.  If losing your home is inevitable and your desire, then this would clean your credit slate.  A Chapter 13 Bankruptcy is a re-organization of your debt in which all of your past due debts are pooled together by the Bankruptcy Trustee. You then pay a pre-determined amount to the Trustee each month and that amount is paid to your creditors for a period of time.

THERE MAY ALSO BE OTHER OPTIONS THAT ARE AVAILABLE TO YOU!!!  To determine the options avaiable for your situation and the tax and other implications for each option, please be sure to speak with an attorney or qualified debt resolution specialist AS SOON AS POSSIBLE.

There are also a wealth of resources and help available to assist you (i.e. grant programs to bring your mortgage current, homeowner programs that will assign specialists to walk you step by step through the options and procedures, attorneys programs that will represent you in foreclosure proceedings, etc.)  For more foreclosure prevention resources and information, please visit Congressman Cummings’ website at  Lastly, for a list of the workshops being sponsored by Maryland Attorney General Gansler in connection with various governement officials, please visit

If you would like more information, please consider the Law Office of Marlene A. Johnson, P.C.  We may be reached at (410) 921-9534.  Thank you for time and loyalty to this firm.


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