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In contrast to the commendation of Maryland’s new foreclosure mediation law ["Maryland takes a shot at slowing the flow of foreclosures," May 24] by Chad Williams, executive director of the Coalition for Homeownership Preservation in Prince George’s County, I believe the measure is flawed, adds to delay in foreclosure and, as such, hurts homeowners, neighborhoods and the economic recovery in Maryland.
Previously, Maryland had one process for foreclosure, regardless of the type of property. Under that process, a foreclosure sale occurred approximately 150 days after the payment default.
In April 2008, the legislature initially changed the law by creating new procedures for the foreclosure of residential property. The goal of the law was to give homeowners in default more time to work something out with the lender.
Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/28/AR2010052804206.html
