MARYLAND LAW TO HELP HOMEOWNERS FACING FORECLOSURE

MARYLAND LAW TO HELP HOMEOWNERS FACING FORECLOSURE

On July 1, 2010 a new law took effect in MARYLAND to help Homeowners facing foreclosure.  It is called the Foreclosure Mediation Law.  The goal of the Law is to ensure that alternatives to foreclosure have been presented by the Lender to HELP YOU, the homeowner, facing Foreclosure in Maryland.

Are you facing foreclosure in St Mary's, Charles and Calvert counties?  Don't give up!  The intent of this Law is to HELP YOU.  YOU may have the right to request Remediation.

Under this new Maryland Law if the Lender notifies YOU, the Homeowner, about possible Foreclosure the Lender must provide YOU, the Homeowner, with clear options including specific loan modification programs such as HAMP, Home Affordable Modification Program, and resources and assistance from non profit organizations, such as MD HOPE.   If YOU fill out a Loan modification application the Lender must consider it before going to Foreclosure. If they continue to Foreclosure proceedings they must send YOU a Request for Mediation form.

What does this Foreclosure Mediation mean for YOU?  It means that YOU have the the opportunity to communicate with the Lender and that YOU are offered all options for which YOU qualify, and that a fair assessment is made before Foreclosure occurs, AND this happens with the help of a neutral third party, to try to find a solution to the Foreclosure problem.  Although this is not as 'grass roots' as a successful program in Philadelpia PA, it is a step in the right direction.

YOU, the Homeowner, have to complete the Request for Remediation form and file it with the Circuit Court with in 15 days.  Unfortunately YOU do have to pay a $50, non-refundable fee when you file with the Cicuit Court. 

MARYLAND LAW TO HELP HOMEOWNERS FACING FORECLOSURE

If selling your home in a SHORT SALE is considered an alternative then CALL OR TEXT ME at 301 481 8407

I am  Margaret C.Taylor and I am certified with the SFR, Short Sale and Foreclosure Resource Certification,  from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue. I am a Century 21 New Millennium Real Estate Agent, St Mary's County, MD

Serving: Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, PAX River, and surrounding areas, also Calvert and Charles County.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

 

 

 

 

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Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, PAX River, and more, also Calvert and Charles County MARYLAND

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Disclaimer for Short Sales and loan modifications IMPORTANT NOTICE  Your lender may not agree to change your loan and/or agree to a Short Sale.  If you stop paying your mortgage you could lose your home and damage your credit.  Seek legal and financial counsel.

3 commentsMargaret C. Taylor • July 10 2010 11:09PM

Comments

finally a program designed to help... Thanks so much for sharing it Margaret!

Posted by Chris Hill, Your Southern Maryland Real Estate Professional (Century 21 New Millennium) about 4 years ago

This looks like a good program by your state to help all parties work through a bad situation.

Posted by Sharon & Bruce Walter, West Lafayette homes for sale (Keller Williams Realty Lafayette, IN) about 4 years ago

I hope it works.  Philadelphia PA has had some positive results.  Margaret C

Posted by Margaret C. Taylor, St Marys/Calvert/Charles MD Real Estate Agent (Century 21 New Millennium MD) about 4 years ago

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