The Maryland Consumer Rights Coalition recent said that the National Mortgage Settlement is not reaching enough homeowners and is not effective in keeping people in their homes.
The Baltimore Sun reported that between March 1, 2012, and the end of 2012, about 14,200 homeowners received assistance through the settlement. During the same nine-month period, notices of intent to foreclose were sent out to nearly 131,000 homeowners.
In February 2012, 49 state attorneys general and the federal government announced the settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo, after the banks knowingly sold defective mortgages to people.
“The number of Maryland families facing new foreclosures continues to dwarf those getting help under the settlement,” Marceline White, the Coalition’s executive director said in a press release.
Save Your Home
Struggling homeowners should know that they could be able to save their homes through Chapter 13 bankruptcy.
A bankruptcy generates an automatic stay that prevents creditors including mortgage lenders, from taking action against you to collect debts. This process typically lasts between three and five years, which allows you time to catch up on past due mortgage payments and make current payments.
If you need to save your home, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
Law Firm of Kevin D. Judd
Judd’s Judgment: A Chapter 13 bankruptcy gives homeowners the opportunity catch up on past due property taxes.
