Help on the Way for Struggling Md. Homeowners
Maryland homeowners to get assistance with mortgage payments
Wednesday, Jul 29, 2009 | Updated 9:36 AM EST
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A sign is posted in front of a bank owned home that is for sale as borrowers continue to default on home loans. (Photo by Justin Sullivan/Getty Images)
ANNAPOLIS, Md. -- Gov. Martin O'Malley announced Friday that the state has made an agreement with six loan service firms to assist homeowners who are behind with their mortgage payments.
Thomas Perez, secretary of labor, licensing and regulation, said the agreements are an important part of a broad strategy to help homeowners avoid foreclosure.
The participating firms handle about a quarter of the mortgage loans in the state. Under the agreement, they will halt foreclosure actions and the accrual of penalties for 60 days. The loan servicers have also agreed to follow certain practices when helping borrowers modify their subprime and adjustable-rate loans.
The firms include HSBC, Ocwen, GMAC ResCap, Litton Loan Servicing, AmeriNational Community Services and Citi.
Copyright Associated Press
Posted Wednesday, Jul 29, 2009 - 9:36 AM EST
