Six Loan Servicers Agree To 60 Day "Cooling Off" Period On Maryland Foreclosures

In Annapolis, Maryland, The Washington Post reports:

• Responding to the surge in mortgage delinquencies, Gov. Martin O'Malley will announce an agreement today with six loan service companies to provide help to homeowners before they lose their properties.

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• HSBC, Ocwen, GMAC ResCap, Litton Loan Servicing, AmeriNational Community Services and Citi, which handle nearly a quarter of the mortgage loans in Maryland, have agreed to a "cooling-off period" with homeowners facing foreclosure. During that time, foreclosure actions and the accrual of fees and penalties will be halted for 60 days.

For more, see Md., Lenders Make Deal To Assist Homeowners.

See also:

• The Baltimore Sun: State rides to the rescue (Mortgage servicers pledge more help),
• The Associated Press: Md. seeks more mortgage companies in relief effort (Maryland Gov. Martin O'Malley said Friday he's hoping an agreement with six mortgage servicing companies to help struggling homeowners avoid foreclosure will pressure other companies to join the effort).