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DLLR News

 

State and Local Officials Partner at Foreclosure Forum

 

Approximately 250 Perrywood homeowners took part in Maryland Senator Ulysses Currie’s emergency community forum, offering alternatives to foreclosure in Maryland on Thursday, April 10th at Perrywood Elementary School.

Governor Martin O’Malley and Lieutenant Governor Anthony Brown joined Senator Currie, along with a panel of elected leaders, policy makers and non-profit organizations to outline the disturbing rise of foreclosure events in the Perrywood Community of Prince George’s County.

After a presentation, the homeowners were able to meet one-on-one with housing counselors, legal assistance and faith-based leaders.

Speakers include:
Secretary Thomas Perez - Department of Labor, Licensing and Regulation
Deputy Secretary Clarence Snuggs - Department of Housing and Community Development
Thomas M. Thompson – Director, Prince George’s Department of Housing & Community Development

Governor O’Malley, Administration officials and the General Assembly have worked aggressively over the past year to address what has become the worst housing crisis the nation has seen since the Great Depression.

Last summer the Governor created the Homeownership Preservation Task Force, which brought stakeholders together and made recommendations for a comprehensive package of reforms to assist homeowners facing imminent foreclosure and prevent future crises. From those recommendations, Governor O’Malley proposed four pieces of legislation that received overwhelming support in the General Assembly and were signed into law over the last week.

As a result of the new laws, the foreclosure process in Maryland has been lengthened to approximately 150 days, providing homeowners with more time and notice before a foreclosure sale. Individuals who commit mortgage fraud are now subject to criminal penalties, and “foreclosure rescue” transactions have been banned. The measures also reformed lending practices by banning pre-payment penalties on mortgage loans, requiring lenders to verify a borrower’s ability to repay a loan and strengthening the licensing requirements for mortgage professionals.

Governor O’Malley has also taken additional steps to address the foreclosure crisis. Earlier this year he announced the “Bridge to HOPE” Loan Program, which will provide small gap loans at zero percent interest to homeowners facing difficulty, giving them time to get back on their feet or find a solution. Families and individuals facing the possibility of foreclosure should call 1-877-462-7555 or visit www.MDHOPE.org for assistance.

The Governor also called on and met with mortgage loan servicers in emergency work-sessions to work toward a public agreement to set a standard for consistent, timely and sustainable loss mitigation services for Maryland homeowners. The work-sessions were called to help find real solutions to the foreclosure crisis and protect middle class families from losing their homes. Talks with servicers are ongoing.

Communications and Media Relations Contact Information

Department of Labor, Licensing and Regulation Press Release