The race is on to save the hallowed Pimlico racetrack in Baltimore, Md., according to a recent article on Bloomberg.com.

It’s Canadian owner, Magna Entertainment Corp., is apparently bankrupt, which has lawmakers in “Charm City” scrambling to save the course through either a bond sale or via eminent domain.

And help can’t come soon enough.

That’s because the Preakness Stakes — the second leg of U.S. horseracing’s Triple Crown — is scheduled to run its 134th annual race at Pimlico on Saturday, May 16, 2009. The good news (for the timebeing) is that regardless of what happens between then and now, the Preakness will still go on as planned.

However, the future of the race and the park after May 16 has the local-area residents, including Alan Foreman, general counsel for the Maryland Thoroughbred Horsemen’s Association, concerned. Very concerned:

“Those who recognize the psychological importance of the Preakness are very troubled. The Preakness is one of the great sporting events, and it defines the city and state’s culture and traditions…. The race should be run on the hallowed ground of Pimlico. It defines whether there is a possibility of a Triple Crown winner, one of the most difficult feats in all of sport.”

The current legislative measure on the books would authorize “the Maryland Economic Development Corp., a state-created entity that’s sold $3 billion of bonds for economic development,” to raise money to purchase Pimlico and other assets, which are valued at around $60 million.

Stay tuned for future updates on this developing situation as it unfolds.

Carol Gilbert from the Goldseker Foundation has some great advice for distressed homeowners in Maryland, anywhere for that matter, in an article today in the Los Angeles Times.

Here’s a quote:

“Borrowers may think that they are delaying foreclosure by not calling the lender – the opposite is true. The longer a borrower waits, the faster foreclosure will proceed and the fewer options there are to slow or reverse it from happening.

Too often, homeowners who default on their mortgages wait until the last minute to seek foreclosure assistance. It’s a decision that in the long run comes back to haunt them.

In most cases, lenders, states and nonprofit organizations have programs in place that can stop foreclosure. That’s because no one, aside from opportunistic investors, ever really wins in foreclosure situations.

According to the article, one of the first steps to take is contacting a housing counselor. Reaching out to the lender to discuss possible options is also an important initial step.

The article offers a few resources for Maryland residents, including:

• Dial 311 (in Baltimore) to be connected to a free counselor at a HUD-approved nonprofit
• Call 888-995-HOPE (4673).
• Visit the St. Ambrose Housing Aid Center ((410) 366-8550) for free counseling

Whether it’s refinancing, deferring payments or relocating, options abound when it comes to avoiding bank repossession.

Inaction, however, should not be one of them.