FORECLOSURE PREVENTION
President Obama and the Congress are working hard to provide federal resources to homeowners who are in financial distress with their home mortgages. For example, I fought to ensure that the $700 billion Emergency Economic Stabilization Act would require the Treasury, Federal Housing Administration, Federal Reserve and FDIC to work together to increase federal help for modifications of at-risk mortgages. I cosponsored the comprehensive American Housing Rescue & Foreclosure Prevention Act, which will help many hard-working families in danger of losing their homes refinance them into lower-cost, government-insured mortgages that they can afford to repay. I cosponsored the Emergency Homeownership and Equity Protection Act of 2009, which would permit courts to restructure mortgages on principal residences in Chapter 13 Bankruptcy. And I have also introduced proposed legislation, H.R. 3066 The Temporary Mortgage Assistance Act of 2009 to help the people who have lost their jobs, have no income, and owe more on their homes than the homes are worth.
I am hopeful that these provisions will be included in major housing reform legislation now moving through the Congress. However, as we continue to work on the federal level to revitalize our economy, it is important that we, here in Baltimore, remain informed about the services available to assist us now.
Back in May, I held my first Foreclosure Prevention Forum at Morgan State University to help my constituents in danger of losing their homes. At that event, 19 mortgage companies sat down, one-on-one, with more than 900 people to work out solutions to help stave off foreclosure. In September, a second free Foreclosure Prevention Workshop was held at Woodlawn Senior High School.
If you are worried about losing your home you should immediately contact the Maryland HOPE (Home Owners Preserving Equity) HOTLINE: 1-877-462-7555.
If you feel that you have been the victim of a scam, you should call the Maryland Office of Financial Regulation's FRAUD AND FORECLOSURE PREVENTION SCAM HOTLINE at 1-888-784-0136
Click here for a list of HUD-approved counseling agencies in Maryland
