Maryland Consumer Protection

Emergency Legislation Changes the Maryland Protection of Homeowners in Foreclosure Act

2008-05-05T12:52:00.001-07:00

There are recent changes to the Maryland Protection of Homeowners in Foreclosure Act.

Following the link you can find a .pdf copy of the enrolled bill, with the changes marked.

The General Assembly also provides a synopsis of all laws, the Fiscal and Policy Note, here is the link to the .pdf copy.

The changes relate to the scope of the laws applicability, provides for a 5 day right of rescission, and other changes, such as eliminating the "foreclosure reconveyance" with "foreclosure rescue transaction."

Technorati Tags: foreclosure, fraud, maryland, homeowner

Consumer Guides and Protection

2006-11-22T19:20:00.001-08:00

Information from the US government regarding consumer protection issues, Consumer Safety from first.gov

Federal Trade Commission - Consumer Information

Federal Deposit Insurance Corp. - Consumer Protection

Maryland Attorney General - Consumer Protection Division

Technorati Tags: consumer, protection, ftc, fdic, maryland, attorney, protection, safety

Foreclosure Rescue Litigation

2006-11-20T22:54:00.000-08:00

Maryland has passed a law called the Homeowners in Foreclosure Protection Act.

The law governs transactions know as foreclosure reconveyances. A foreclosure reconveyance is where a homeowner, to avoid a foreclosure, sells the house to an investor who then leases the home back to the homeowner and typically provides an option to purchase the home again. At closing, the homeowner receives very little, if no money for their home.

Typically the homeowner can not afford the rent, nor will the homeowner be able to act on the option to purchase. In the end, the home is lost and the homeowner receives nothing for it.

If you have been approached by someone promising to save your home from foreclosure, call an attorney first.