Elkridge is 'Hot Spot' for Foreclosures

While the frequency of foreclosures is down in Howard County from this time last year, the recession continues to have an effect on the financial situation of many area homeowners, local officials say.

According to the latest statistics from the state’s Department of Housing and Community Development, Elkridge is considered one of the state’s foreclosure “hot spots," registering a total of 20 foreclosures in the third quarter of this year. Locations were labeled "hot spots" if they had more than 10 foreclosures in a quarter.

Fort Washington in Prince George’s county had the most foreclosures in Maryland this quarter, with 66 to its name.

“Even though Howard County’s numbers are not as dire as, say, Prince George’s County...foreclosure here is still an issue,” said Tiffany Smith, the chief of staff of Howard County Housing.

To address the problem, Howard County Housing joined state and federal officials on Oct. 22 in Columbia for a state-sponsored, day-long program. Called “” the seminar brought together lenders, housing counselors and pro-bono attorneys, who doled out free foreclosure prevention advice to area residents.

Smith called the event a success, noting that 124 people showed up Saturday. “Sometimes people just need to look at their finances and re-structure what they have to make sure that they can make it,” said Smith.

Property foreclosures in Maryland dropped by nearly 30 percent in the third quarter, according to the state's report, which marks the fifth consecutive quarterly decline and the lowest quarterly filings since the first quarter of 2007.

Howard County represented a relatively small percentage of total state foreclosure events for the quarter, according to state data.

However, Smith said that impending foreclosure remains an issue for many Maryland families.

“I think people are still really trying to get ahold of information,” she said. “They might have thought they could deal with it on their own or didn’t know they would need it.”

She adds that she hopes people will seek out foreclosure information—and help—should they need it.

“I think that we are well past the time where there is a stigma attached to asking for help,” Smith said. “A house is the most important type of investment for people…I think if you need help, you should take a chance on yourself and ask for it.”