Waldorf, Md. – U.S. Senator Ben Cardin (D-Md.), a member of the Senate Finance Committee, convened a gathering of local housing officials, REALTORS and others working to assist Marylanders before and during the foreclosure process. Maryland weathered the national foreclosure crisis by giving homeowners more time to develop strategies to keep their homes, but we currently have the second-highest foreclosure rate in the nation, according to RealtyTrac.
“Losing your home is heartbreaking. When someone builds up something, then all of the sudden lose it, it takes a monetary and emotional toll on the individuals and our communities,” said Senator Cardin. “Government cannot fix the foreclosure crisis on our own, but to protect our middle class families from losing their homes, we must make sure Marylanders know all of the programs and services that are available to them. There is no magic wand for avoiding foreclosure. But there are services available on the federal and state levels to help people stay in their homes.”
Nationwide, one in every 1,137 housing units was touched by a foreclosure filing in April. In Maryland, the rate was one in every 624 units, up 4.5 percent compared to last year and topped only by Florida, where one in every 400 units had a filing.