ANNAPOLIS — The Maryland General Assembly gave final approval Monday to Gov. Martin O’Malley’s measure requiring mortgage lenders to offer foreclosure mediation.
The bill, passed in the last hours of the 2010 session, requires lenders to prove they tried to modify a loan before issuing a foreclosure notice. The measure directs lenders to provide homeowners with all the information and paperwork necessary to contest lenders’ decisions and pay a $300 fee for every foreclosure notice issued.
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