Category Archives: Foreclosure

Learn more about foreclosure, including the foreclosure process, how to stop foreclosure and how bankruptcy may prevent home foreclosure.

Maryland Groups Pushing for Foreclosure Moratorium

According to the Baltimore Sun, civil rights groups from across Maryland are lobbying lawmakers in Annapolis to impose a six-month moratorium on home foreclosures because of the high number of cases in the state. The paper reported that banker organizations are against the effort, saying that there are already plenty of options for struggling homeowners, and that the housing market will not rebound until delinquent mortgages are cleared up. According to the group, RealtyTrac, Maryland had the third-highest foreclosure rate in the country in February 2014. Leaders with the state’s NAACP and CASA de Maryland have made the moratorium one of their top legislative priorities this year, according to the Sun. Potential legislation is scheduled to be heard by a House committee about foreclosures soon. “We’re finding that a lot of folks are ‘under water,’” said Bob Ross, an NAACP spokesman, according to the Sun. This refers to homeowners who…
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Maryland to Receive $88 Million From National Mortgage Settlement

According to the Baltimore Sun, the state of Maryland expects to receive about $88 million of a $2.1 billion national settlement reached with Ocwen Financial Corp. over the “systematic misconduct” of the mortgage servicer’s handling of loans. The deal was announced last month, after the Consumer Financial Protection Bureau and officials from Washington, D.C. and every state except Oklahoma filed a federal complaint against the provider. The complaint said that Ocwen “committed a range of unlawful acts, including improperly rejecting loan modifications, charging customers inappropriate fees and failing to maintain accurate account statements.” The provider specializes in servicing non-bank, subprime and delinquent loans. According to the Sun, the settlement will provide, “$2 billion toward principal reductions and $125 million in cash payments to about 185,000 borrowers nationwide who lost their homes to foreclosure between 2009 and 2012.” “This will bring relief to Ocwen victims and it will improve conditions in…
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Maryland Foreclosure Rate Continues to Increase

According to the website RealtyTrac, Maryland’s foreclosure ranking went from fourth in the nation to third after the state had a ten percent increase in activities in October. The Baltimore Business Journal (BBJ) reported that although the numbers seem high, some state officials say that they only tell a small part of the foreclosure story. According to the BBJ, October was the 16th straight month in which Maryland recorded an increase in foreclosure activity, with 201 percent more closures in October 2013 than October 2012. “The foreclosure rise is hardly a surprise, given that the state was part of a national judicial action that rejected thousands of court foreclosure filings because of errors in the paperwork, including mortgages that were part of the bank “robosigning” scandal,” the BBJ reported. State officials have said that the foreclosure rate is low compared to the number of home loans being issued. “Statistics show…
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