Maryland Governor considers more measures to stop foreclosures
Maryland Gov. Martin O’Malley considers more measures to stop foreclosures
Gov. Martin O’Malley has asked the General Assembly to find new ways to help beleaguered homeowners.
During the legislative session that began in January, O’Malley plans to unveil an agenda that includes a mediation program modeled on successful efforts in Philadelphia and Connecticut.
He has assembled a group of his legislative staff, housing counselors, lawyers, bankers and mortgage servicers to shape a plan.
In the past two years, Maryland has toughened oversight of the mortgage-lending industry, prohibited prepayment penalties and extended the time before a home goes into foreclosure.
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With foreclosures still growing, O’Malley decided more needed to be done. In the third quarter of 2009, Maryland had 14,803 foreclosure events — a homeowner received a default notice, had a home put up for auction or had the bank take possession of the property. That’s up 58.8 percent from the second quarter and 85.6 percent from 2008, according to state figures.
Framework of Governor’s plan
The governor’s plan is still being worked out. But according to some of those involved in the process, the basic framework is this: Homeowners who live in their property and receive a foreclosure notice could not have their home put up for auction until they are deemed ineligible for a loan modification. If they are considered ineligible, they could challenge the decision with a settlement conference.
The group has also discussed requiring lenders to give borrowers written calculations that explain why they are ineligible for a modification. That is mandated for those using the federal foreclosure prevention program, but it is not otherwise part of the foreclosure process in Maryland.
The group also realizes that loan modifications won’t be feasible for everyone, so planners are considering “soft landings,” or affordable rental options for owners who lose their homes.
A Maryland mediation program would “bridge the huge gap” for those who are eligible for the federal foreclosure prevention program but are denied modifications because the lender says they failed to provide a document or meet other criteria, said Mary Hunter, a lawyer with the nonprofit Housing Initiative Partnership, which does housing counseling in the state’s foreclosure hotbeds of Prince George’s and Montgomery counties.
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Source: http://www.washingtonpost.com/wp-dyn/content/article/2009/12/30/AR2009123002305.html
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