In 2010, to stem the tide of foreclosures post-housing crisis, Maryland passed legislation requiring banks to seek “alternatives to eviction” before foreclosing on a borrower. And that legal dam held back foreclosures for a couple years. But now banks have broken through and properties “getting default, auction, and repossession notices” are on the rise — big time.
Foreclosures in Baltimore are up 182 percent from last July at the same time that they’ve dropped 32 percent nationwide. And Maryland’s foreclosure rate last month was second only to Florida.