zombie mortgages
Act Now! Protect Debtors, Homeowners, and Tenants This Legislative Session!
Monday, March 23 is crossover day for Maryland’s General Assembly. This means that legislation needs to pass out of one chamber and cross to the opposite chamber by midnight on that date to have a good chance of passing this legislative session. Almost all of the bill hearings are done, so the next few days are crucial. Advocates are racing to ensure priority legislation makes it onto committee voting lists, moves out of committee, and passes on the House or Senate floor. All the while, monied interests are working hard to ensure bills die in committee, are weakened to the ...
Action Alert: Help Put a Stop to Zombie Mortgages in Maryland!
Everyday Marylanders are struggling with the skyrocketing costs of basic goods and services. As many costs soar out of control, it makes everything else harder to afford too. Many Maryland homeowners are having a hard time paying their mortgages. In fact, Maryland has the sixth-highest foreclosure rate in the country. Some Maryland homeowners have also faced a terrifying zombie foreclosure. In the early 2000s, lenders were qualifying some home buyers for mortgages using an 80/20 loan, where the homeowner holds a first and second loan simultaneously. When the mortgage bubble crashed, these second loans became worthless and many homeowners thought ...
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 ...