Notice: Due to COVID-19, we will be conducting all consultations via telephone. We are open and here to help people in these trying times. Please don’t hesitate to call us if you have any questions!

Night & Weekend Appointments Available 301.859.4471
We'll Take That Weight Off Your Shoulders Committed to providing exceptional guidance to overcome financial issues.

Foreclosure Rates Jump in Prince George's County

Prince George’s County once again had the highest rate of foreclosures in the state of Maryland. The County had one filing for every 897 households. Additionally, one in four Prince George’s County homeowners are behind on their mortgage.

Prince George’s County has been hit particularly hard by the burst housing bubble, the mortgage meltdown, and the current recession. Over half of the real estate transactions in Prince George’s County so far this year have been foreclosures. This rate is exponentially higher than in all of Maryland’s other counties.

To make matters worse, the county recently enacted a freeze on all hiring, excepting public safety workers. Additionally, $13 Million from the county’s school budget was slashed.

Similarly, Montgomery County also had a high foreclosure rate in April as it jumped over 54 percent from March. While not as bad as Prince George’s County, Montgomery County had one filing for every 2,410 households.

There are a number of different solutions available to Montgomery County and Prince George’s County homeowners. Some of the options available include a limited number of no-interest loans, loan modifications, and bankruptcy. Take advantage of a free consultation with a conveniently located Silver Spring bankruptcy lawyer/Silver Spring bankruptcy attorney to go over the many options available to you.