Foreclosures homes in Maryland will be undergoing new laws, much to the relief of many homeowners. As a reaction to the mortgage crisis that began in 2008, the Maryland Legislature came up with The Real Property-Maryland Mortgage Fraud Protection Act in that same year.
The legislature basically addresses the issues that realtors believe have contributed most to the mortgage crisis. Apparently, these issues were mostly on the part of the lending institutions.
For instance, the new law states that all lending institutions will now be required to obtain a license. When the lender gives out a mortgage loan, the mortgage must include the license number of the lender. Using the license numbers on the mortgages, regulators will be able to track which lending companies have the highest rates of foreclosures. The number of days between default and foreclosure sale has also been extended to 135 days.
One of the interesting features of the new mortgage laws is the requirement of a foreclosure consultant. To consumers who are used to Real Estate agents, mortgage lenders, bank representatives and other such individuals, a foreclosure consultant will certainly seem like a different kind of expert. Basically, the foreclosure consultant will have an extensive training in foreclosure. He will not be connected with the Real Estate Company nor the lending institution. As a result, this consultant will be prioritizing the homeowner’s interests and will provide counsel to help the homeowner make well-informed decisions.
Another bill also seeks to establish greater penalties for lenders who commit mortgage fraud. Needless to say, these are all good steps toward reform—steps that might also be useful to Tuscaloosa foreclosures and other foreclosure activities in the country and not just in foreclosures homes in Maryland.
The Maryland General Assembly also submitted a bill that seeks to eliminate stated income loans. This is largely due to the numerous loan fraud cases in the state alone.
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