Maryland Foreclosure Law by samanthac


									      If you or someone
 you know is having trouble                                   Department of Labor,
making mortgage payments,                                   Licensing and Regulation
call toll free: 1-877-462-7555
  or visit
                                    Martin O’Malley
                                                            YOUR RIGHTS

 If you or someone you know
                                  Anthony G. Brown
                                      Lt. Governor
has been a victim of mortgage
fraud or a foreclosure rescue
                                   Thomas E. Perez
                                   Department of Labor,
     scam, call toll free:
                                 Licensing and Regulation
                                  Sarah Bloom Raskin
                                    Commissioner of
                                  Financial Regulation
Know Your Rights                                   The Foreclosure Process                          Fraud and Scams

With more and more homeowners facing                On April 4, 2008, Maryland’s new fore-          Mortgage fraud is a serious crime in Mary-
                                                     closure process became law.                      land. Mortgage fraud can include any
foreclosure in Maryland, Governor Martin                                                              misrepresentation or omission of informa-
O’Malley recently signed into law a number          Under the new law, your lender must send         tion during the mortgage process. Anyone
                                                     you a notice of their intent to foreclose        who commits mortgage fraud can be fined
of measures to give homeowners protections
                                                     at least 45 days before filing a foreclosure      or sent to jail .
and keep them from losing their homes to
                                                     action in court.
foreclosure.                                                                                         You have the right to sue those who com-
                                                    A foreclosure action cannot be filed in           mit fraud against you during the mortgage
                                                     court until at least 90 days after you           transaction.
These laws are intended to protect you from
                                                     default on your loan.
fraud, and to give you more time to find                                                              Beware of situations that involve someone
                                                    You must be personally served with court         advertising, sending an e-mail, or com-
solutions and avoid foreclosure.
                                                     papers when the foreclosure action is filed.      ing to your door offering a “way out” or
                                                     If your lender tries to personally serve you     “rescuing you from foreclosure.” These
For many homeowners, the idea of foreclosure         the papers but is unsuccessful, the lender       “rescue scams” are illegal.

is so devastating, they ignore the situation and     may serve you the papers by posting them
                                                     on your property and mailing them by            Example: A person will tell you, the only
wait to do anything until it’s too late.             certified mail.                                   way to avoid foreclosure is to sign over the
                                                                                                      deed to your home. They will say that you
                                                    Your lender must wait 45 days after you          can remain in the home as a renter, and
If you are having trouble making your pay-                                                            buy it back later. In reality, they strip your
                                                     are served with the court papers before
ments, or if you’re facing foreclosure, DON’T        selling your home at auction.                    home of its equity and stop making pay-
                                                                                                      ments. You get evicted from the property
WAIT! Contact your lender immediately.
                                                                                                      and lose your home!
                                                    Your lender must publish a notice of sale
                                                     in a newspaper three times before the sale
                                                     takes place.                                         If you think you’ve been the
                                                                                                     victim of mortgage fraud or a victim
      For more information on your                  You have the right, up until one business       of a rescue scam call the Department
      options call 1-877-462-7555 or                 day before the auction, to pay any overdue      of Labor, Licensing and Regulation at
   visit to get help.                 payments, late fees and charges to stop the
                                                     foreclosure sale.

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