New Maryland Law Gives Financially Strapped Residents Better Chance To Save Homes From Foreclosure

In Maryland, a column in DC Chronicles notes:

• [O]n April 4, 2008, a new law went into effect [in Maryland] that addresses several aspects of the foreclosure process. The goal of this law is to give borrowers who are in default the time and information necessary to try to save their home from foreclosure.

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• The new law does three crucial things: it requires a real service of notice; it extends the foreclosure process to a minimum of 90 days; and it requires that the borrower in default receives the name and phone number of a specific person designated by the lender to handle loss mitigation (meaning that the borrower has a designated lender's representative with whom to discuss repayment plans or other alternatives to foreclosure).

For more, see New Maryland foreclosure laws protect homeowners.