Financially Distressed Homeowners Urged to Act Now to Save Their Homes at Foreclosure Prevention Workshop

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Landover, MD – Financially distressed homeowners were given the opportunity to meet face-to-face with their lenders during a two-day foreclosure prevention workshop hosted by Attorney General Douglas Gansler in collaboration with DHCD.

The free event was part of the ongoing effort of the attorney general and the O’Malley-Brown administration to urge Maryland homeowners who are currently underwater on their mortgages or facing foreclosure to act now to save their homes.

Representatives from the five major mortgage servicing companies that are party to the Attorney General’s Mortgage Servicing Settlement were on hand to meet with consumers. They include: Ally/Ocwen (GMAC); Bank of America (Countrywide); Citibank; JPMorgan Chase (WaMu); and Wells Fargo (Wachovia).

In addition to the loan servicing company representatives, the workshop also gave homeowners an opportunity to meet with housing counselors and legal aid attorneys to discuss their foreclosure prevention options.

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More than 14,000 Maryland homeowners have received more than $1.1 billion in relief, according to the latest quarterly progress report issued by the court-appointed monitor of the National Mortgage Settlement. And more than 83,000 homeowners have been assisted through the MD HOPE Counseling Network since 2007.

In February, money from the settlement and funds from DHCD provided $11.8 million in grants to 39 members of the Maryland HOPE Counseling Network, representing the highest level of funding for foreclosure prevention counseling in state history. Additionally, $6.2 million in settlement funds, coupled with $2.8 million from DHCD, has been allocated to nine legal aid nonprofit organizations to expand services to distressed homeowners across Maryland.

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