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KBC Law Day: Foreclosure Prevention & Mediation

THE KELSEY LAW FIRM/KELSEY REALTY, INC.

3034 MITCHELLVILLE ROAD

BOWIE, MD 20716

(301) 390-9080 (FAX)

Ms. Kelsey is a 2015 BV Peer Review Rated attorney, having received

recognition for her very high standards in legal ability and ethics. Ms.

Kelsey obtained her undergraduate degree at the University of Maryland

University College, where she graduated magna cum laude in 1988.

Thereafter, she obtained her J.D. at Georgetown University Law Center

in 1992 and was later admitted to practice law in Maryland, District of

Columbia, Federal and Supreme Courts.

For more than 20 years, she has practiced general civil law, including bankruptcy, collections, estate planning and

administration, guardianship, workers’ compensation and personal injury matters. She is also sole counsel to the

Prince George’s County Department of Social Services Child Abuse and Neglect Appeals Division.

Ms. Kelsey also holds a Real Estate Broker license and as an adjunct professor, she has taught real estate

transactions, ethics, legal research and writing and bankruptcy in addition to assisting with the re-write of course

modules following the major bankruptcy reform in 2005.

Ms. Kelsey is committed to upholding the standards of the legal profession and has participated as a panel attorney

for both the Maryland Judicial Nominating Committee (2007-2015) and as a Peer Review Attorney for the Attorney

Grievance Commission (2003-2015). Ms. Kelsey also regularly assists the public by volunteering in court

Alternative Dispute Resolution and local church pro bono events.

The Kelsey Law Firm | 3034 Mitchellville Road |Bowie, MD 20716 |Phone: (301) 390-9060 | Website: www.kelseylaw.netFacebook: www.facebook.com/TheKelseyLawFirm | Instagram: @TheKelseyLawFirm | Twitter: @KelseyLawFirm

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Fallen Behind on Your Mortgage?

In-Home Options:

Forbearance

Modify Loan

Refinance & Payoff

Rent Back then Repurchase

Out of Home Options:

Short Sale

Deed in Lieu

Cash for Keys









When Trouble Begins: Mortgage Default

:

Default due to Non-Payment

Payments Due on the 1st, 15 day Grace Period, but Default by the 2nd

Acceleration Clause

About suspense accounts

Refusal & Return of Payments

Now is the time to read the mail!!!









:


The Warning Phase: Pre-Foreclosure Actions

NOTICE OF INTENT TO FORECLOSE

Official Notice of Default

Information on Where to Get Help

Details of Default

Specific Amount

Contact Information

Notice of Date to Cure









Notice of Impending Foreclosure Action

Required Foreclosure Mediation

Instructions

Required Foreclosure Mediation

Application

Preliminary Loss Mitigation

Affidavit

Final Loss Mitigation Affidavit

(Be Careful: Actual Service is NOT always necessary!!!)









First line of Formal Defense: Maryland Mediation Process

Q1: What should I expect to receive from my lender

under this new law?

Q2: What does Maryland’s new foreclosure timeline

mean for me?

Q3: How can I participate in mediation?

Q4: How do I request mediation?

Q5: Which cases are eligible for mediation after the

new Foreclosure Mediation Law takes effect on July 1,

2010?

Q6: If I request mediation, is it automatic?

Q7: Where do I send my request for mediation?

Q8: How much will it cost to participate in the session?

Q9: How should I prepare for mediation?

Q10: Who can I bring with me to mediation?

Q11: How will the mediation process work?

Q12: Who conducts the mediation and where does it

take place?

Q13: What role does the mediator have in trying to

resolve the disagreement?

Q14: What happens when we reach an agreement at

mediation?

Q15: Can the lender use discussions held and offers

made at the mediation in future proceedings?

Q17: What if I need to postpone the scheduled

mediation?

Q18: What is a Notice of Intent to Foreclose (NOI)?

Q19: What is Loss Mitigation?

Q20: You have not answered all of my questions. Where

do I go for help?

Q21: Where can I find information about resources and

programs to help me avoid foreclosure?

Q22: Now that there is a mediation program, should I

still contact a housing counselor for help?

Frequently Asked Questions









First line of Formal Defense: Maryland Mediation Process

SOURCE:http://www.dhcd.state.md.us/website/

documents/guidlines_rosa_only.pdf

SOURCE: http://mdhope.dhcd.maryland.gov/fore

closuremediation/pages/default.aspx

For More Information:









Maryland Foreclosures:The Timeline

SOURCE: https://www.dllr.state.md.us/finance/consumers/frforetimeline.pdf








The Kelsey Law Firm | 3034 Mitchellville Road |Bowie, MD 20716 |Phone: (301) 390-9060 | Website: www.kelseylaw.netFacebook: www.facebook.com/TheKelseyLawFirm | Instagram: @TheKelseyLawFirm |Twitter: @KelseyLawFirm

The Loan Modifications Process : Track Two of a Two Track System

Request for Mortgage Assistance (RMA)

Loan Modification Document List Application, Paystubs, Income Tax Returns, Hardship Letter,

4506-T Form

Dodd-Frank Certification

Frustrating Process: Constant Submission of Documents, Resubmission of Documents, Faxes & Phone Calls

Document Everything!

Beware: Foreclosure Process is still pending!!



Last Ditch Day-of-AuctionEfforts to Save Your Home

Payment Accepted Up to time of

Sale!

File an Injunction!









When All Else Fails: Chapter 13 Bankruptcy

• NOT discretionary – Lender Must Comply with a Feasible Plan

• Chapter 7 Liquidation (Surrender)◦ If Equity – Refund

◦ If Loss – Imputed Income

• Chapter 13 to Cure Arrears ◦ Plan is individual, However, MUST Include Total Arrears (Hold on to the money)!

• Post Bankruptcy Mortgage Assistance (Why Now?)

• Dismiss Bankruptcy Upon Modification

• Stripping Second Mortgages, HELOC’s (MUST Complete the Plan)









Plan for Your Plan B!

How Long Do You Really Have to Get Out?

Don’t Wait Until the Last Minute

Leave the Home Voluntarily

File For Bankruptcy

Save Some of the Mortgage Money

Attorneys Fees

Filing Bankruptcy

New Apartment (Security Deposit)








•Chapter 13 and Chapter 7 Bankruptcy

•Estate Planning and Administration

•Guardianship Proceedings

•Uncontested Divorce

•Personal Injury/Workers’ Comp.

•Child Abuse and Neglect

•Other Civil Matters

- Licensed in Maryland and DC

- Over 20 Years Experience

- J. Franklyn Bourne Bar Assoc. Treasurer

- JFB Chair: Scholarship Committee

- Former UMUC Legal Studies Adjunct Prof.

- Real Estate Broker (Kelsey Realty)

A Proud Partner with Manna MinistriesTo Bring You Law Day 2015

PRACTICE AREAS ABOUT ATTORNEY KELSEY









Facebook: www.facebook.com/TheKelseyLawFirm

Instagram: @TheKelseyLawFirm

Twitter: @KelseyLawFirm

Blog: www.marylandlawyerkelsey.wordpress.com

The Kelsey Law Firm | 3034 Mitchellville Road |Bowie, MD 20716 |Phone: (301) 390-9060 | Website: www.kelseylaw.net

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