zombie mortgages
Protect Maryland Residents from Foreclosure on Zombie Mortgages!
Maryland, Connecticut, and Alabama are rarely thought of as a trio; they are located in different regions in the U.S. with distinct food, culture, cities, and natural environments. They share one unfortunate trait: Maryland, Alabama, and Connecticut are the only three states in the country that do not have a statute of limitations for foreclosure. Statutes of limitations establishes the time limit for bringing a foreclosure action. Essentially, it means that if a homeowner misses mortgage payments, a foreclosure action must begin before the time runs out. This provides clarity for the homeowner and ensures that mortgage servicers have an ...
Stop Zombie Mortgages from Running Rampant! Urge Your Legislator to Vote NO on HB1516/SB1026
An NPR report found that more than 700 homeowners in Maryland are facing foreclosure on second mortgages that they believed were resolved or died years ago. Yet these zombie mortgages are rising now to feast on the rising equity in many Maryland homes. The vast majority of these foreclosures on second-mortgages are concentrated in Baltimore City and Prince George's County, which means Black and Brown homeowners are disproportionately affected by these foreclosures, just as they were hardest hit by predatory mortgage products. Yet, Governor Moore’s Office of Financial Regulation has introduced HB1516/SB1026, which will allow these predatory debt buyers to ...