The Maryland General Assembly has enacted
legislation that provides certain protections to homeowners who face
foreclosure. This law took effect on May 26, 2005 and, among other things,
requires that foreclosure notices contain the following warning:
“Mortgage foreclosure is a complex process.
Some people may approach you about "saving" your home. You should be
careful about any such promises.
The state encourages you to become informed
about your options in foreclosure before entering into any agreements with
anyone in connection with the foreclosure of your home. There are government
agencies and nonprofit organizations that you may contact for helpful
information about the foreclosure process. For the name and telephone number
of an organization near you, please call the Consumer Protection Division of
the Office of the Attorney General of Maryland at 1-888-743-0023. The state
does not guarantee the advice of these organizations.
Do not delay dealing with the foreclosure
because your options may become more limited as time passes."
FORECLOSURE PURCHASERS: For
a copy of the accounting form required to be completed by foreclosure
CONSUMERS: Do you need
advice concerning a pending foreclosure? The following is a list of Maryland
organizations that provide foreclosure counseling to consumers in every region
of the state (see chart below). In addition to these Maryland counseling
organizations, the Homeownership Preservation Foundation, provides foreclosure
counseling to homeowners nationwide. You can contact the Homeownership
Preservation Foundation by telephone at 888-995-HOPE or at its website at www.995hope.org.
Also see the HOPE Initiative --
Home Owners Preserving Equity. HOPE provides access to
counseling services and resources for homeowners needing to refinance. Call
1-877-462-7555 or visit www.mdhope.org
for links to foreclosure counseling services.
More information is available from the Office
of the Maryland Attorney General