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Foreclosure Counseling Services Law
The Maryland General Assembly has enacted legislation that provides certain protections to homeowners who face foreclosure. This law took effect on May 26, 2005 and, among other things, requires that foreclosure notices contain the following warning:
“Mortgage foreclosure is a complex process. Some people may approach you about "saving" your home. You should be careful about any such promises.
The state encourages you to become informed about your options in foreclosure before entering into any agreements with anyone in connection with the foreclosure of your home. There are government agencies and nonprofit organizations that you may contact for helpful information about the foreclosure process. For the name and telephone number of an organization near you, please call the Consumer Protection Division of the Office of the Attorney General of Maryland at 1-888-743-0023. The state does not guarantee the advice of these organizations.
Do not delay dealing with the foreclosure because your options may become more limited as time passes."
FORECLOSURE PURCHASERS: For a copy of the accounting form required to be completed by foreclosure purchasers, click here.
CONSUMERS: Do you need advice concerning a pending foreclosure? The following is a list of Maryland organizations that provide foreclosure counseling to consumers in every region of the state (see chart below). In addition to these Maryland counseling organizations, the Homeownership Preservation Foundation, provides foreclosure counseling to homeowners nationwide. You can contact the Homeownership Preservation Foundation by telephone at 888-995-HOPE or at its website at www.995hope.org.
HOPE Initiative -- With homeownership and neighborhoods threatened by defaulting subprime and “exotic” mortgages (e.g., adjustable-rate mortgages or ARMs), Home Owners Preserving Equity was launched by the Governor's Office. HOPE provides access to counseling services and resources for homeowners needing to refinance. Call 1-877-462-7555 or visit http://mdhope.dhcd.maryland.gov/Pages/Home.aspx for more information.
This list will be updated periodically. Please understand that this office cannot make recommendations as to which of the following organizations you should contact. You may want to contact several of the organizations nearest you to find the one that will best meet your needs.
Foreclosure Counseling Services
Please send any updates or changes to this list to firstname.lastname@example.org
Under section 7-311(d) of the Real Property Article, the General Assembly requires foreclosure purchasers to “make a detailed accounting of the basis for payment made to the homeowner of a property resold within 18 months after entering into a foreclosure reconveyance agreement.” A “foreclosure purchaser” is a “person who acquires title or possession of a deed or other document to a residence in foreclosure as a result of foreclosure reconveyance.”
The accounting is required to be “on a form prescribed by the Attorney General in consultation with the Division of Financial Regulation and shall include detailed documentation of expenses and other consideration paid by the foreclosure purchaser and deducted from the sale price.” For a copy of the form click here or call the Consumer Protection Division at (410) 576-6556.
Attorney General of Maryland 1 (888) 743-0023 toll-free / TDD: (410) 576-6372