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Foreclosure solutions workshop planned at HRDC

From Staff Reports
Cumberland Times-News

— CUMBERLAND — Local residents facing foreclosure, worried about increased interest rates or having other concerns about their mortgage can access some free legal advice in a workshop being sponsored by state Sen. George C. Edwards.

The Foreclosure Solutions Workshop will be held from 2 to 6 p.m. on July 15 at the Human Resources Development Commission at 125 Virginia Ave.

Homeowners who are facing foreclosure, worried about an increased interest rate or have other concerns about their mortgage can receive free one-on-one legal advice and housing counseling assistance at the event.

“The mortgage crisis isn’t just something we see in the news: it affects many individuals and families in our community,” said Gorman E. Getty III, president of the Bar Association of Allegany County that is coordinating the event along with Allegany Law on Greene Street. He noted that the Bar Association “has a long tradition of helping those in need and is committed to assisting with mortgage related issues.”

Marcia Conrad, executive director of Allegany Law which was founded by the Bar Association, said she is “delighted to be able to offer this service to distressed homeowners.”

“This is the first time that the Foreclosure Solutions Workshop is being offered in Western Maryland. Over 60 workshops have been successfully held throughout the state during the last two years,” said Conrad.

Allegany Law and the Bar Association of Allegany County have been working with the Maryland Foreclosure Prevention Pro Bono Project of the Maryland Pro Bono Resource Center of Maryland to plan and staff the event. Homeowners should call Allegany Law at 301-722-3390 to register.

Registration guarantees a free legal consultation with a volunteer attorney to discuss an individual mortgage situation. The workshop will give participants directions on the next steps to take and where to go for help.

Workshop participants should bring the following: (1) all materials related to their current and former mortgages, including the loan application, settlement paperwork and lender statements; (2) any foreclosure notices or threats of foreclosure received; and (3) a monthly household income and expense budget.

Jennifer Larrabee, manager of the Maryland Foreclosure Prevention Pro Bono Project and housing counselors from Garrett County Community Action Agency and Consumer Credit Counseling Service of Maryland and Delaware will be also participate in the workshop.

The Foreclosure Solutions Workshop is free and open to the public. The site is handicapped accessible. To pre-register or for more information, call Allegany Law at 722-3390.

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 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on www.DeepCreekAlive.com!

Maryland bill provides foreclosure mediation for homeowners

From the Washington Post:

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

Garrett County has the lowest foreclosure rate in Maryland – Gazette.net

Legislation requires lenders to help stem foreclosures
State had 10th highest rate in U.S. last month
by Kevin James Shay | Staff Writer

Foreclosures jumped to 5,732 in February across Maryland, up 9.6 percent from January and 80.5 percent from a year earlier, according to Irvine, Calif., data company RealtyTrac. Maryland’s rate of one foreclosure filing for every 407 households was the 10th highest in the nation, up from 13th in January and 16th a year ago.

Prince George’s County continues to lead the state in the number and rate of foreclosures with 1,789 filed last month, or one for every 179 households. Baltimore city and the counties of Frederick, Charles, Calvert and Kent also had foreclosure rates above the state average. Garrett County had the lowest rate in the state last month, with only eight foreclosures or one filing per 2,378 housing units.

Meanwhile, foreclosure filings across the nation slowed last month. They were down 2.3 percent from January and up only 6.2 percent from a year ago.

Lt. Gov. Anthony G. Brown (D) went on the offensive last week to lobby for legislation that would require lenders to work with homeowners to modify their loans before filing foreclosure orders. The businesses would have to send homeowners a detailed explanation of requirements for the lenders’ loan modification program and a loss mitigation application, among other items.

The lenders would have to file affidavits stating that a loan modification review had been done and the reasons they denied modifying the loan. They would also have to document that alternatives other than foreclosures were considered. Homeowners who have not received the loan modification review would be able to request a foreclosure mediation session.

“This legislation will provide homeowners a chance to explore any and all options to find a positive resolution and remain in their homes,” Brown said in a speech at the Ebenezer African Methodist Episcopal Church in Fort Washington, according to his office.

Kathleen Murphy, president and CEO of the Maryland Bankers Association, also testified last month, saying she was concerned that a loss mitigation analysis would be required before a foreclosure could be filed, according to an Associated Press report. A foreclosure filing often prompts borrowers to talk about loss mitigation, Murphy said.

Among states, Nevada’s rate of one per 102 households led the nation last month, while Vermont posted the lowest rate with one filing per 39,077 units.

Foreclosures in Maryland are increasing despite state officials claiming that a counseling and legal program has provided more than $5.5 million in assistance and helped about 11,000 homeowners avoid foreclosures since mid-2007. The state has also enacted other measures, such as a mortgage fraud protection law and a streamlined loss mitigation process with six of the largest servicers in Maryland.

Factors for the increase in foreclosures despite efforts to remedy the situation include the sour economy, according to a recent analysis by the state Department of Legislative Services.

“Despite the impact of extensive state legislative and consumer outreach efforts … total foreclosure activity in Maryland continues to increase as state residents feel the effects of rising unemployment and declining home values,” the department reported.

Home sales rise

The volume of existing homes sold in Maryland rose by almost 20 percent in February from February 2009, but the average sales price of about $280,000 was down by 7 percent, according to the Maryland Association of Realtors.

The extended and expanded federal homebuyer tax credit is helping fuel sales in Maryland, according to the trade group. The $8,000 credit for first-time homebuyers runs until April 30 for signed contracts and June 30 for closings. There is also a tax credit of up to $6,500 for certain existing homeowners who purchase a replacement principal residence.
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

Category: foreclosures

Foreclosure solutions workshop planned at HRDC

Maryland bill provides foreclosure mediation for homeowners

Garrett County has the lowest foreclosure rate in Maryland – Gazette.net

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