Maryland Home Loan Modification – Modify Your Mortgage in Maryland

Free Loan Modification Consultation

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The debtor, most of the time, offers secured loans because this type of loans comes with collateral like personal belongings, house or property. If the borrower defaults on his/her loan, the lender naturally will recover its loss by seizing the mortgaged property and then he/she can put it up for auction. However, the number of foreclosed homes has increased and it is directly connected with the number of defaults in their home loan.

Maryland is confronting a drop in interested buyers that results to a problem in selling a foreclosed home. In this situation, the only feasible option for the lenders is further collaboration with people having bad credits rather than giving them penalties. The new law implemented by the government is supporting the collaboration between the mortgagor and mortgagee in order to give benefits to both parties. The rights of the debtors in requesting a loan modification began on the 18th of February 2009.

Before you apply for a loan modification, you have to verify your eligibility for it. If the loan is approved in less than a year ago, you are not eligible for the process. However, if there are external factors affecting your income, you should communicate with the bank and arrange a meeting to analyze your situation. In case that you lost your job loss or got a divorce, the rates that you are paying may be lowered to the extent that you can manage to fix your financial problems, but expect that the future rates will be larger.

Begin collecting all the evidences of your bad financial situation if you think that you are qualified for a loan modification. After you sent all the necessary documents, the bank will analyze all of it and they will decide whether you really need a change in the terms and agreement in your mortgage. After that, the bank will call for a meeting with the representatives of the bank for the new contract negotiation. You can seek professional and legal help by hiring a lawyer specializing in these processes. The re-negotiation procedure is a very tedious one, so if you do not know anything about it, it is better to have a lawyer who will explain everything for you as well as giving you the best results.

The Loan Modification program aims to help the debtors in overcoming the issue of high rates and it also gives assurance that a valid profit source for the banks is possible, which can’t take the advantages of the foreclosure processes anymore.

Maryland Mortgage Companies

Family First Mortgage Group LLC
410-793-1192
3525 H Ellicott Mills Dr.
Ellicott City, MD

Baltimore HUD Homes
(443) 866-8699
1953 Laurel Oak Dr
Baltimore, MD

Sentinel Home Mortgage
410-719-0093
2200 Baltimore Blvd
Catonsville, MD

Real Estate Place, Inc
410-975-8344
1 Equitable Bldg
Baltimore, MD

Bank of America Home Loans
443-567-9430
7550 Teague Rd
Hanover, MD

Happy Mortgage
410-536-3601
4405 Leeds Ave.
Baltimore, MD

BASK Properties
717-830-2767
240 South Potomac St
Hagerstown, MD

SunTrust Mortgage
410-308-6000
1966 Greenspring Dr
Timonium, MD

Mortgage Network Solutions
888.667.5369
408 Main Street, Suite 3
Reisterstown, MD

Proficio Mortgage Ventures
303.448.2920
11219 Lockwood Dr.
Silver Spring, MD

Maryland Legal Services

Civil Justice, Inc.

Assistance: Purchase and mortgage transactions
Location: Baltimore
Website: www.civiljusticenetwork.org
Phone: 410-706-0174
Services: Civil Justice, Inc. a non-profit public interest law firm, established the Maryland Mortgage Fraud Prevention Project to provide free legal assistance for qualified Maryland residents in purchase and mortgage refinance transactions for their primary residences

Community Legal Services of Prince George’s County, Inc.

Assistance: Foreclosure Prevention
Location: Riverdale
Website: www.clspgc.org/
Phone: 301-864-8186
Services: The Foreclosure Prevention Project seeks to assist homeowners at risk of losing their homes due to foreclosure but with an opportunity to maintain their home. The volunteer lawyers help homeowners with loss mitigation, including negotiations of repayment, forbearance, and/or loan modification plans. Clients who have received any of the following are good candidates for this program: Letter(s) from lender or lender’s attorney about foreclosure; Notice of Intent to Foreclose; or Notice that a foreclosure action has been or will soon be filed. Intake days and hours are Mondays and Tuesdays, 9:00 a.m. to 12:00 p.m.

Maryland Legal Aid Bureau, Inc.

Assistance: Foreclosure and Consumer Issues
Location: Anne Arundel County, Baltimore City, Cherry Hill Neighborhood Center, Baltimore County, Lower Eastern Shore, Metropolitan Maryland, Midwestern Maryland, Southern Maryland, Upper Eastern Shore, and Western Maryland
Website: www.mdlab.org
www.peoples-law.org (Foreclosure Assistance Self-Help Materials)
Phone: 410-951-7737 or 800-458-5340
(To find the contact information of the office nearest you,
please visit: http://www.mdlab.org/Contact%20Us.)
Services: The Legal Aid Bureau provides free legal services to low-income people statewide in Maryland. The organization has 13 office locations and handles a full range of civil legal services, including consumer rights matters. It also provides foreclosure assistance, self-help information at a partner website: www.peoples-law.org.

Maryland Volunteer Lawyers Service

Assistance: Foreclosure and Consumer
Location: Baltimore
Website: www.mvlslaw.org
Phone: 410-547-6537 or 800-510-0050
Services: The Volunteer Lawyers Service connects low-income Marylanders in need of civil legal assistance with pro bono attorneys. Cases handled include foreclosure and consumer issues. The organization accepts clients throughout Maryland.

Mid-Shore Pro Bono, Inc.

Assistance: Foreclosure and Consumer
Location: Easton
Website: www.midshoreprobono.org
Phone: 410-690-4890
Services: Mid-Shore Pro Bono, Inc. provides access to free or reduced-fee legal services to qualified litigants in civil matters and is dedicated to serving the residents of Kent, Queen Anne’s, Caroline, Talbot and Dorchester Counties. The organization charges a $20 application fee and handles consumer debt, foreclosure, and small claims cases.

Saint Ambrose Legal Services

Assistance: Foreclosure Prevention and Loan Scams
Location: Baltimore
Website: www.stambros.org
Phone: 410-366-8550 x201 (Foreclosure Prevention Division)
Services: The organization’s mission is to create and maintain equal housing opportunities for low- and moderate-income people, primarily in Baltimore City. The group provides foreclosure prevention assistance and handles cases involving improper predatory refinancing of home loans, fraudulent flipping of homes, home improvement fraud, and land installment agreements fraudulently contracted.

Avoid Mortgage Scams Maryland

Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.