The Daily Times had an article today highlighting some of the features of Maryland’s new foreclosure law revision:
“Several amendments to Maryland’s foreclosure law became effective July 1. Among many changes, a homeowner can now request mediation.
A mediation is basically a meeting to discuss and explore options. A foreclosure mediation involves the homeowner, the lender’s representative and an Administrative Law Judge, or ALJ.
Mediation might involve discussions of loan modification to save the home from foreclosure, but if a loan modification is not practical, the discussion can also involve options for surrendering the home while minimizing the consequences of foreclosure, such as a short sale, a deed in lieu of foreclosure, waiver of a deficiency, or more time for the homeowner to move.”
A homeowner facing foreclosure is very strongly advised to seek the advice of legal counsel.
The full Daily Times article –
http://www.delmarvanow.com/article/20100816/BUSINESS/8160324
