Maryland Foreclosures
Foreclosure is the legal means that your lender can use to repossess (take over) your home.
Maryland passed a foreclosure law in October 2005 protects homeowners against unethical investors. SB-761 encourages homeowners to become informed about their options before entering into any agreements with anyone in connection with the foreclosre of their home.
The new law requires anyone who offers to assist you must now give you a consulting contract outlining their services and this contract must be notarized. They are not allowed to collect a fee before doing everything they promise. The contract must fully disclose the services to be provided.
Most Lenders do not advise homeowners of the workout plans available to them. Such options as Loan Forbearance or Modification, Reinstatement of your Mortgage, or refinance.