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Gov. Martin O’Malley signed into law Thursday a bill giving homeowners a legal right to mediation before facing foreclosure.
The measure requires lenders to explore loan modifications and notify homeowners of the mediation open. It was a key piece of O’Malley’s legislative package in the 2010 General Assembly session.
“It gives borrowers the information they need at an early stage, and gives every Maryland family the right to have access to their lenders when they feel they are unfairly denied a loan modification or other mitigation option,” O’Malley said in a statement.
Read more: O’Malley signs foreclosure mediation bill – Baltimore Business Journal
