HSBC loan servicing in Maryland now has a 60 day cooling off period whereby foreclosures will not take place. Lawmakers in Maryland claim HSBC and other loan servicers “realize that half a loaf is better than none.” In theory HSBC will document discussions with customers while attempting to come to an agreement that would prevent immediate foreclosure. HSCB, Ocwen, GMAC ResCap, Litton Loan Servicing, AmeriNational Community Services and Citi, are loan servicers in Maryland, and are all committed to the 60 day idea.
It is interesting to note that GMAC ResCap may soon be in bankruptcy as they are now circling the drain. HSBC is expected to announce another big loss on Monday. As for refinancing home owners into affordable loans, Maryland adopted new laws. Maryland made mortgage fraud a crime and required lenders to verify a borrower’s ability to repay a loan and strengthening the licensing requirements for mortgage professionals.
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