Maryland Governor Pushes For Mediation

Posted by Orb Staff on January 26, 2010 No Comments
Categories : Mortgage Servicing

As part of his 2010 legislative agenda submitted this week, Maryland Gov. Martin O'Malley has proposed that the state enact a foreclosure mediation process.

‘This bill gives Maryland families the right to a foreclosure mediation process upon filing of foreclosure proceedings,’ explains a statement from O'Malley's office.

‘It requires lenders/servicers to use the 45-day period prior to the filing of the foreclosure action more productively to achieve loan modifications, where possible, by requiring the notice to include a loss mitigation application and other information helpful to the homeowner to prevent the loss of their home," the statement adds.

SOURCE: Office of Maryland Gov. Martin O'Malley

Register here to receive our Latest Headlines email newsletter




Leave a Comment