RIVERDALE, Md. (April 3, 2008)– Maryland Gov. Martin O’Malley signed a series of bills into law Thursday, giving the state broad, new powers to help homeowners avoid foreclosure.
The governor is taking action against predatory lenders and shady practices that have caused a sharp increase in foreclosures.
Prince George’s County has more foreclosures than any other area in the state, but almost every county in Maryland has experienced an alarming increase in foreclosures in the past year.
Maryland’s new laws are the most comprehensive in the country. The laws subject fraudulent mortgage schemes to criminal prosecution, extend the time a bank must wait to foreclose from 15 days to 150 days and offer homeowners protection from tricks that result in signing away their homes to third parties.