There has been a decline of over 10 percent in foreclosures between the first and second half of 2008 in the Charles County. Despite this, the number of home foreclosures has almost doubled in comparison to what it was at the end of the second half of 2007. The decline in the number of foreclosures however has no positive effect on the real estate mortgage. People are continuing to face the mortgage problems. It has been found that the Charles County has 4 percent of foreclosure statewide in the second half. Some of the experts think that this foreclosure is taking place as several homeowners who are moving from Washington are charging higher mortgages for larger homes.

La-Ronda Johnson who is the senior housing counselor of the Maryland Tri-County Community Action Committee has found that a majority of the people seeking help from them to deal with their foreclosure problem are from Charles County. The other areas hit by foreclosures are the St. Marys and Calvert County. 20601, 20602 and 20603 were the Zip codes of the Southern Maryland’s three hot spots in Waldorf. Among these Zip codes the worst affected one is 20602 where one out of every 77 homes is facing foreclosure. Calvert County’s hot spot is in Lusby.

The high foreclosure rate in the Charles County is standing as a big problem for the county agencies. They are finding it difficult to make an adjustment between the decreased property tax revenues and increased utility costs. A high rate of home foreclosures has been also arrested in Baltimore and Montgomery County. This has tremendously affected the real estate of these two places. Nearly 32 percent of all the foreclosures in Maryland have been found in Prince George’s County. The rate of foreclosures was at par with the population in the counties of Calvert and Mary’s. However, these counties have still a rate of foreclosure that shows a major spurt from the last year.

There has been a serious problem between the Charles Board of Commissioners and the school board over the education budget of the Charles County. The Charles Board of Commissioners is unable to find enough funds for the increases demanded by the school officials. The members of the Board of Education have said that if one becomes so conservative in financial matters, it is surely going to hamper the quality of public education in the Charles County. This has made the commissioners take a decision of increasing the cost-of-living fund for school employees by 3.5 percent.

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A large number of renters who pay their rent timely are also becoming the victim of foreclosure. This is happening mainly due to the fact that their landlords who bought houses during their heydays and then rented them are now unable to cope up with the mortgages. The renters are facing a big blow when suddenly they are getting to know that it is not their home from the next day. A number of localities and members of the Congress have taken efforts to provide some time to the renters before they get evicted by the banks. Some measures have been taken to inform the tenants of their rights.

It was a surprise to James Austin, a home-security firm consultant, when a real estate agent showed him photographs of the home he was renting. It was facing foreclosure. He immediately made his move to rent another home in Bowie only to discover later that the home also went into foreclosure. It is not really known to the Mortgage Bankers Association that how many tenants were forced to leave this way. But according to them, a large number of homes that were foreclosed last year comprised of probably rented homes. With the foreclosures going high, the number of foreclosures for rented homes has also probably gone up.

The problem of foreclosure that was earlier disrupting the homeowners has now shifted to the renters too. Generally when a house is foreclosed, the dissolution of lease agreements takes place. This implies that the renters may be asked to leave their home without a prior notice. As such some of the tenant laws have been introduced for the safety of the tenants. This is good news for the real estate.

The laws in Maryland and Virginia are not very renter-friendly leaving them at the mercy of the new homeowners. According to lawyer Kristi Cahoon of Legal Services of Northern Virginia, the tenants can save their money for security deposit during the months of long paperwork between the lenders and the courts. The renters can go for a consideration of “cash for keys” if the lender continuously pressurizes him for leaving the home whereby the bank will be paying to help the renters to move.

Last year, a measure has been introduced by the US House whereby the renters are to be given a 90 days notice by the new owner of a foreclosed home before eviction. If there are more days mentioned in the lease, then the renter will be able to stay up to 6 months.

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