By Ovetta Wiggins
Washington Post Staff Writer
Thursday, April 15, 2010
Beginning this summer, Maryland homeowners at risk of losing their properties will have another option to stave off foreclosure.
The Maryland General Assembly this week approved a mediation program that will give homeowners a chance to meet with lenders and an administrative law judge to discuss ways to stay in their homes.
The bill, proposed by Gov. Martin O'Malley (D), takes effect July 1, and should be fully implemented by mid-August.
"This is an opportunity for those who fall through the cracks," said Del. Doyle L. Niemann (D-Prince George's), a sponsor of the bill, referring to homeowners who have requested loan modifications but still find themselves facing foreclosure. "Many people say they don't get a response from their lender. They talk to different people on the phone when they call or their paperwork gets lost."
Under the legislation, the lender is required to send an application for a loan-modification or loss-mitigation program to the homeowner -- which the homeowner can use to seek help -- at least 45 days before a foreclosure action is filed in court. The bill requires the lender to pay a $300 fee for a foreclosure filing.
Read the rest of the article here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
Posts
No comments:
Post a Comment