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The surge of foreclosures and sagging home values brought on by the meltdown in the subprime mortgage market has had a significant impact on Maryland homeowners- both those who are at risk or who have already lost their homes, as well as those who have felt the spillover effect of declining home values. In July, Congress passed and the President signed a comprehensive housing bill that will go a long way to keep families in their homes, restore home values and consumer confidence, and help get our economy back on track. Specifically, the legislation will provide struggling homeowners with an opportunity to refinance into loans they are able to repay, address the lack of affordable housing in, strengthen regulatory oversight, and prohibit the irresponsible lending practices that caused the current crisis. This comprehensive approach will help curb the sharp rise in foreclosures and accelerating decline in home values, which is critical to bringing about an economic recovery.
Get Help if You Need It If you are a homeowner struggling with or worried about foreclosure, you can receive counsel and assistance by calling the Maryland HOPE Hotline 1-877-462-7555 or visiting http://www.mdhope.org/ Other resources of information are below. Federal Housing Administration NOTE: Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program. Fannie Mae Freddie Mac NeighborWorks
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