The state of Maryland is demanding that mortgage lenders provided detailed monthly reports on how they deal with borrowers heading towards foreclosure. Mortgage services do not write the actual mortgage loans, they collect payments on them.
This is a step for the state to understand how mortgage lenders are handling foreclosures. This will also help Maryland learn and develop new processes to help homeowners avoid losing their homes in the future.
If Maryland successfully initiates the program, they will be second state after California to do so.
Maryland is also seeking to fund a new program offering emergency, no interest loans to homeowners who are struggling to keep their homes. The state is also trying to push the minimum number of days for foreclosure actions to start, from 15 days to 4 months.
You can find more information on new initiatives Maryland is proposing at America’s Mortgage Source.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
