Maryland Legal Aid’s Kathleen Skullney, staff attorney in the Foreclosure Legal Assistance Project, today gave Baltimore Sun readers a glimpse of what could happen to the foreclosure process under Gov. Martin O’Malley‘s proposal to require loan reviews to slow the number of foreclosures. The idea, she explained to reporter Jamie Smith Hopkins, “is to tuck new requirements into the state’s current foreclosure timeline.”
“When lenders or servicers file foreclosure actions, they would have to include ‘an affidavit documenting completion of review, reasons for denial and calculations on which denial was based, or showing that review could not be completed because borrower failed to engage in the process,'” Hopkins wrote. “They would also have to document that they considered alternatives to foreclosure.”
“Meaning you use the 45 days to figure out what else you can do,” Skullney said. “And you make sure that that’s a fairly efficient process by giving homeowners the information they need the minute they get the notice of intent to foreclose–they can immediately apply, whether it’s the federal program, whether it’s the lender’s own program.”
To read the article, click here.