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 www.mdhope.org Martin O’Malley Governor YOUR RIGHTS If you or someone you know Anthony G. Brown Lt. Governor AND has been a victim of mortgage fraud or a foreclosure rescue Thomas E. Perez Secretary PROTECTIONS Department of Labor, scam, call toll free: 1-888-784-0136 Licensing and Regulation UNDER Sarah Bloom Raskin Commissioner of Financial Regulation MARYLAND’S NEW FORECLOSURE LAWS 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 www.mdhope.org to get help. payments, late fees and charges to stop the 1-888-784-0136. foreclosure sale.