New Maryland Foreclosure Process

The continued surge of foreclosures in Maryland has brought about new legislation. This will delay residential foreclosures and is an attempt to reduce the mortgage fraud in the market.

New Maryland Foreclosure Process
Governor O'Malley Signs Emergency Legislation to Protect Homeownership

Foreclosure Law Summary

SB 216/HB 365 – Foreclosure Process

Requires a mortgage or other security instrument on residential property to contain the license number of a mortgage originator or mortgage lender.
This provision would allow regulators to track which mortgage providers have the highest foreclosure and default rates.

Prohibits filing an action to foreclose on residential property until the later of:
90 days after default
45 days after the “Notice of Intent to Foreclose” (Notice) is sent

Prohibits the foreclosure sale from taking place sooner than 45 days after the service of process containing the Notice. This means that a foreclosure sale could not occur sooner than 135 days after default.

Requires the Notice to be sent to the mortgagor and record owner at least 45 days before filing an action to foreclose.

Requires the Notice to include information regarding the security instrument, including the debt due, the rights of the individual facing foreclosure (including the right to seek housing counseling or consult with a real estate licensee). The Notice encourages the person in default to act quickly.

Gives the person in default the ability to cure the default by paying all past due amounts and reinstate the loan up to 1 business day before the foreclosure sale.

This act is an emergency measure which takes effect April 3, 2008.

SB 217/HB 360 – Mortgage Fraud Protection

Allows the seizure of any property used in connection with mortgage fraud or gained through mortgage fraud.

Establishes certain defenses against forfeiture for innocent owners, tenants, and property used as a principal residence.

Defines mortgage fraud as any person intending to defraud by:
knowingly making misstatements, misrepresentations, or omissions during the mortgage lending process knowingly using any deliberate misstatements etc. receiving funds from a mortgage closing that resulted from fraud filing in the land records any document that the person knows to contain deliberate misstatements etc.

Establishes criminal and civil penalties, including criminal penalties of up to $100,000 or imprisonment up to 20 years for a person engaged in a pattern of mortgage fraud. Establishes criminal penalties of up to $5,000 or imprisonment of up to 10 years for a single violation.

This act is an emergency measure which takes effect April 3, 2008.

SB 218/HB 361 – Prohibition on Certain Foreclosure Transactions

Establishes requirements for a foreclosure consultant

Requires a foreclosure consulting contract to include a notice that the foreclosure consultant must provide the homeowner with written copies of information regarding the value of the homeowner’s property, including comparables or appraisals.

In addition to duties already prescribed under law, this bill adds additional requirements for foreclosure consultants, including:

Giving a homeowner a notice containing information regarding the financial details of the deal, the right to rescind the contract, and other information.

Limiting the amount of commission a foreclosure consultant can make to 8% or less of the sales price

Prohibiting the consultant from holding money in escrow or on a contingency basis on behalf of the homeowner

Mandating a foreclosure consultant engaged in real estate activity to hold a real estate license

Imposing a duty, similar to the fiduciary duties of real estate agents, on foreclosure consultants not engaged directly in real estate transactions
Requires a “Notice to Homeowner” to be included in any foreclosure contract that sells the property, and that also gives the homeowner a 5 day rescission period of the real estate contract. The notice is basically the same notice required under current law.

Establishes that a real estate licensee is NOT a foreclosure consultant as long as the licensee is:

Engaged in an activity for which they are licensed
D
oes not engage in prohibited foreclosure consulting activities

And, if working with a property in default, that the property in default is listed in the MLS, and is transferred through a settlement

Gives a homeowner whose property has been in default for more than 60 days, a 5 day rescission period after entering into a contract to the sell the property.

Prohibits purchasers of residences that have been in default for more than 60 days, from certain activities, including:

Representing that the purchaser is acting as an advisor or consultant on behalf of the homeowner

Representing that the purchaser has licensing or accreditation that the purchaser does not have

Representing that the purchaser is assisting the homeowner to “save the house” or substantially similar phrasing

Representing that the purchaser is assisting the homeowner in preventing a foreclosure if the result of the transaction is that the homeowner will no longer own the property

Making any false, deceptive or misleading statements regarding the value of the home or the amount of the proceeds the homeowner will realize

Recording any document before expiration of the 5 day rescission period

Requires purchasers to give a “State of Tenancy” if a tenancy agreement is included in the sale of contract for a residence in default.

This act is an emergency measure which takes effect April 3, 2008.

Lender Owned Foreclosures, Frederick, MD

Real estate foreclosures continue to surge in Frederick, Maryland. This is the recent report that we emailed to our clients.

LENDER OWNED FORECLOSURES, FREDERICK COUNTY, MD (Rev. 4/09/08)
(Contact us for further price reductions)

We have a very simple request if you wish to receive our information and advice. We ask you to agree to use us as your exclusive buyer agents for your next real estate purchase. Please advise us if you are represented by another real estate agent.

REO properties are foreclosed homes owned by lenders. We represent purchaser clients as their exclusive agents. The disclosures that are required for home buyers in Maryland will be provided when you meet with us. Buyers must have pre-approval letters for mortgage financing.

The following are available REO homes. Prices are reduced until they are sold.
REO: 109 A St., Brunswick 21716 5 BR/2.5 BA $172,500 SF REDUCED FROM $182,500
REO: 1701 Aldin Ct., Monocacy Landing I, Frederick 21701 4 BR/3 BA $450,900 SF REDUCED FROM $464,900
REO: 132 All Saints St., Frederick 21701 3 BR/1 BA $174,900 TH
REO: 45 Apple Way, Hillcrest Orchards, Frederick 21703 3 BR/2 FB/2 HB $164,900 TH
REO: 47 Apple Way, Hillcrest Orchards, Frederick 21703 3 BR/2.5 BA $165,900 TH
REO: 52 Apple Way, Hillcrest Orchards, Frederick 21703 3 BR/2.5 BA $165,900 TH
Fannie Mae: 4902 Arctic Tern Ct., Robin Meadows, Frederick 21703 3 BR/2 FB/2 HB $229,900 TH REDUCED FROM $249,900
REO: 53 Ashley Way, Ashley, Myersville 21773 4 BR/2.5 BA $378,550 SF REDUCED FROM $384,900
REO: 113 West B St., Brunswick 21716 2 BR/1 BA $175,000 SF
REO: 21 Bankbarn Cir., Glenrook, Middletown 21769 2 BR/2.5 BA $319,900 TH
Countrywide: 5618 Boone Ave., Frederick 21704 4 BR/1.5 BA $227,900 SF
Deutsche Bank: 6747 Brace Ct., Farmbrook, Frederick 21703 3 BR/1.5 BA $184,000 TH REDUCED FROM $210,000
REO: 6775 Brace Ct., Farmbrook, Frederick 21703 3 BR/2 BA $179,900 TH REDUCED FROM $189,900
Countrywide: 7087 Bradshaw Ct W, Foxcroft II, Frederick 21703 3 BR/2.5 BA $232,900 Gar TH REDUCED FROM $269,900
REO: 2127 Bristol Dr., Old Farm Station, Frederick 21702 3 BR/2.5 BA $219,900 TH
REO: 622 Brunswick St., Brunswick 21716 3 BR/2 BA $211,500 SF
REO: 13221 Catoctin Furnace Rd., Thurmont 21788 3 BR/1.5 BA $194,900 SF REDUCED FROM $234,900
REO: 5709 Catoctin Overlook Dr., Catoctin View, Mount Airy 21771 3 BR/2.5 BA $326,900 SF
REO: 104 Cavenrock Ct., Mill Crossing, Frederick 21702 4 BR/2.5 BA $259,900 TH
REO: 597 Cawley Dr. #5-3C, Ballenger Creek, Frederick 21703 2 BR/2 BA $205,000 Condo REDUCED FROM $210,000
REO: 837 Chadwick Cir E, Frederick 21701 2 BR/1 BA $154,900 TH
Countrywide: 5719 Chase St., The Chase of Foxcroft, Frederick 21703 3 BR/2.5 BA $208,900 Gar TH REDUCED FROM $215,900
Countrywide: 109 Chestnut Hill Way, Taskers Chance, Frederick 21702 3 BR/3.5 BA $259,900 TH
Fannie Mae: 7181 C Cimarron Ct., Country Side, Frederick 21703 3 BR/2.5 BA $199,900 TH
REO: 7285 F Coachlight Ct., Country Side, Frederick 21702 4 BR/2.5 BA $162,900 TH REDUCED FROM $215,250
REO: 6582 Colebrook Lane, Colebrook, Middletown 21769 4 BR/2.5 BA $360,000 SF REDUCED FROM $375,000
Wells Fargo: 2151 Collingwood Lane, Old Farm Station, Frederick 21702 3 BR/2 BA $259,900 SF
REO: 54 Concord Dr., Brunswick 21716 4 BR/2 BA $239,000 SF
REO: 12037 Coppermine Rd., Union Bridge 21791 3 BR/1.5 BA $199,900 SF NEEDS RENOVATION
Freddie Mac: 572 Cotswold Ct., Frederick Heights, Frederick 21703 3 BR/1.5 BA $163,500 TH REDUCED FROM $169,900
REO: 200 Cramer Ave., Glade Manor, Walkersville 21793 3 BR/2 BA $289,900 SF
American Home Mortgage: 6516 E Daytona Ct. #204, Crossing, Frederick 21703 3 BR/2.5 BA $249,900 TH
REO: 1742 Dearbought Dr., Monocacy Landing, Frederick 21701 4 BR/2.5 BA $384,900 SF
REO: 2502 Driftwood Ct., E #3A, Echo Glen, Frederick 21702 2 BR/2 BA $195,500 Condo
USB Warburg: 5203 Duke Ct., Kingsbrook, Frederick 21703 3 BR/2.5 BA $207,900 TH REDUCED FROM $230,000
Countrywide: 5303 Duke Ct., Kingsbrook, Frederick 21703 3 BR/2.5 BA $263,900 Gar TH
Freddie Mac: 1479 Eden Dr., Fredericktowne Village, Frederick 21701 4 BR/2 BA $247,500 SF REDUCED FROM $257,500
REO: 913 E St., Brunswick 21716 2 BR/1 BA $114,900 SF
Wells Fargo: 8841 Eureka Lane, Discovery, Walkersville 21793 3 BR/2.5 BA $139,893 TH REDUCED FROM $159,600
REO: 2627 Everly Dr., The Braemar, Frederick 21701 3 BR/2.5 BA $234,900 Gar TH Condo
REO: 7109 Feldspar Ct., Crest Manor Estates, Middletown 21769 4 BR/2.5 BA $279,900 SF
REO: 7104 Fern Lane, Fountaindale South, Middletown 21769 3 BR/2 BA $254,900 SF REDUCED FROM $299,900
HUD: 809 Fifth Ave., Hunters Knoll, Brunswick 21716 4 BR/2.5 BA $332,100 SF REDUCED FROM $350,550
Citi Financial Mortgage: 4410 Fishers Hollow Rd., Myersville 21773 2 BR/1 BA $226,900 SF REDUCED FROM $246,900
REO: 8524 Fortune Pl., Discovery, Walkersville 21793 3 BR/1.5 BA $145,000 TH REDUCED FROM $155,000
Countrywide: 116 Galyn Dr., Galyn Manor, Brunswick 21758 4 BR/2.5 BA $473,900 SF REDUCED FROM $495,900
Countrywide: 1615 Gibbons Rd, Point of Rocks Estates, Point of Rocks 21777 3 BR/2 BA $279,900 SF REDUCED FROM $314,900
REO: 9304 Granite Cir., White Rock, Frederick 21702 3 BR/1 BA $159,900 SF REDUCED FROM $199,900
Wells Fargo: 183 Greenway Dr., Willowcrest, Frederick 21702 3 BR/2.5 BA $241,000 SF REDUCED FROM $348,900
REO: 7059 Gresham Ct. W, Foxcroft, Frederick 21703 3 BR/2.5 BA $224,900 Gar TH
Countrywide: 111 Harpers Way, North Crossing, Frederick 21702 4 BR/2.5 BA $268,900 TH
Countrywide: 1512 Havilland Pl., Stonegate, Frederick 21702 4 BR/2 BA $222,900 SF
IndyMac Bank: 6293 Hawkins South Ct., Spring Ridge, Frederick 21701 4 BR/2.5 BA $410,900 SF REDUCED FROM $508,900
REO: 1723 Heather Lane, Amber Meadows, Frederick 21702 3 BR/1.5 BA $188,900 TH REDUCED FROM $199,900
Wells Fargo: 1737 Heather Lane, Amber Meadows, Frederick 21702 3 BR/2.5 BA $188,600 TH REDUCED FROM $189,000
REO: 820 A Heather Ridge Dr., Ambertowne, Frederick 21702 2 BR/2 BA $119,900 Condo
REO: 533 Hollyberry Way, Overlook, Frederick 21703 3 BR/2.5 BA $229,900 TH REDUCED FROM $236,500
Wells Fargo: 8731 Inquiry Ct., Discovery, Walkersville 21793 3 BR/2.5 BA $199,300 TH REDUCED FROM $199,900
REO: 229 Jefferson Pike, Knoxville 21758 3 BR/2 BA $214,900 SF
Amq. Mortgage: 3817 Jefferson Pike St., Jefferson 21755, 3 BR/1.5 BA $139,900 SF Built in 1890 REDUCED FROM $199,900
IndyMac Bank: 24 Jennifer Lynne Dr., Galyn Manor, Knoxville 21758 4 BR/2.5 BA $399,000 SF REDUCED FROM $441,400
REO: 800 Jubal Way, Tuscarora Knolls, Frederick 21701 3 BR/2 FB/2 HB $237,350 TH
U.S. Bank: 8995 Kay St., Park View Estates, Frederick 21702 4 BR/3 BA $329,900 SF REDUCED FROM $379,900
U.S Bank: 1403 Key Pkwy. #104, Key Parkway East, Frederick 21702 2 BR/1.5 BA $139,900 Condo REDUCED FROM $149,900
REO: 1403 Key Pkwy. #305, Key Parkway East, Frederick 21702 3 BR/1.5 BA $120,500 Condo
REO: 1525 Laurel Wood Way, Main, Frederick 21701 4 BR/3.5 BA $239,900 TH REDUCED FROM $249,900
REO: 130 Lauren Ct., Hillcrest Orchards, Frederick 21703 3 BR/2 FB/2 HB $189,500 TH REDUCED FROM $209,500
U.S. Bank: 5702 Lavender Plaza, Mountain Village, Frederick 21703 3 BR/2 BA $184,900 TH REDUCED FROM $209,900
REO: 1028 Lavenport Way, Mill Crossing, Frederick 21702 4 BR/2.5 BA $279,900 Gar TH
REO: 1805 Lawnview Dr., Amber Meadows, Frederick 21702 5 BR/1.5 BA $245,900 SF REDUCED FROM $269,900
Everhome Mortgage: 1303 Leafy Hollow Cir., Twin Ridge, Mount Airy 21711 4 BR/2.5 BA $449,900 SF REDUCED FROM $525,000
REO: 506 Logan St., Frederick 21701 5 BR/2.5 BA $227,500 SF
Ocwen: 11896 Lynn Crest Rd., Mid County View, Monrovia 21770 4 BR/2.5 BA $294,900 SF REDUCED FROM $304,900
REO: 405 Main St., Woodsboro 21798 3 BR/1.5 BA $239,900 SF REDUCED FROM $269,900
REO: 415 Maple Ave., Brunswick 21716 3 BR/2 BA $162,900 SF Built in 1915 REDUCED FROM $199,900
REO: 2832 Marker Rd., Christys Folby, Middletown 21769 5 BR/2.5 BA $435,000 SF REDUCED FROM $445,900
Freddie Mac: 127 McClellan Dr., North Crossing, Frederick 21702 4 BR/3.5 BA $309,500 Gar TH REDUCED FROM $319,500
Countrywide: 6951 Meadowlake Rd., New Market 21774 4 BR/3.5 BA $399,900 SF
REO: 4795 Mid County Ct., Mid County View, Monrovia 21770 4 BR/3 BA $319,900 SF REDUCED FROM $350,000
Countrywide: 1904 Middlefield Ct., North Crossing, Frederick 21702 5 BR/3.5 BA $464,900 SF REDUCED FROM $533,900
Countrywide: 602 Military Rd., Frederick 21702 4 BR/1 BA $244,900 SF REDUCED FROM $276,900
Keystone Asset Management: 6135 Mountaindale Rd., Frederick 21702 7 BR/6 BA $790,000 SF 14+ acres
Ocwen: 2222 Palace Green Ter., Whittier Pond, Frederick 21702 3 BR/2.5 BA $222,200 TH
Countrywide: 1222 Palladian Way, Coventry, Frederick 21702 3 BR/2.5 BA $331,900 SF
Fannie Mae: 2209 Parish Lane, Wormans Mill, Frederick 21701 4 BR/2.5 BA $315,900 Gar TH
Chase: 7269 Parkers Farm Lane, Westview, Frederick 21703 3 BR/2.5 BA $325,000 Gar TH
REO: 103 Pennsylvania Ave., Frederick 21701 2 BR/1 BA $208,000 SF
Countrywide: 9388 Penrose St. Villages of Urbana, Frederick 21704 3 BR/3.5 BA $369,600 TH REDUCED FROM $407,000
REO: 3671 Petersville Rd., Rosemont, Knoxville 21758 2 BR/1.5 BA $234,900 SF 1.67 acres
REO: 6125 Pine Crest Lane, Spring Ridge, Frederick 21701 3 BR.2.5 BA $286,900 TH
Freddie Mac: 3 Pleasant Acres Ct. E, Thurmont 21788 4 BR/3.5 BA $364,500 SF REDUCED FROM $414,900
GMAC: 218 North Pointe Ter., North Pointe, Middletown 21767 4 BR/3.5 BA $469,000 SF

REO: 509 Postoak Rd., Hillcrest Orchard, Frederick 21703 4 BR/3 BA $245,900 SF

Deutsche Bank: 10825 Powell Rd., Thurmont 21788 4 BR/3 BA $461,900 SF REDUCED FROM $560,000
REO: 527 Primus Ct. E, Prospect View, Frederick 21703 3 BR/3 BA $243,500 Gar TH REDUCED FROM $254,900
REO: 104 Quail's Nest Way, Taskers Chance, Frederick 21702 3 BR/2.5 BA $219,900 TH
REO: 6240 Ranier Dr., Stuart Mechanic, Frederick 21703 4 BR/2.5 BA $345,900 SF REDUCED FROM $379,000
Wells Fargo: 6524 Rimrock Rd., Eaglehead/Pinehurst, New Market 21774 3 BR/3 BA $289,900 SF
REO: 5634 Rockledge Ct., Hannover, Frederick 21703 3 BR/3.5 BA $215,900 TH
Fannie Mae: 6632 Rockridge Rd., Pinehurst, New Market 21774 4 BR/2 BA $335,900 SF
REO: 6834 Running Springs Ct., Culler Oaks, Frederick 21703 6 BR/3.5 BA $570,000 SF 6.7 Acres REDUCED FROM $580,000
Chase Home Finance: 6464 Saddlebrook Lane, Spring Ridge, Frederick 21701 5 BR/3.5 BA $524,900 SF REDUCED FROM $614,900
REO: 414 Shannon Ct., Croghan Square, Frederick 21701 3 BR/2.5 BA $205,900 TH
REO: 3809 Shetland Ct., Urbana Highlands, Frederick 21704 5 BR/3.5 BA $599,900 SF
Freddie Mac: 1641 Shookstown Rd., Frederick 21702 3 BR/1.5 BA $277,500 SF REDUCED FROM $289,990
REO: 3734 Singleton Ter, Villages of Urbana, Frederick 21704 4 BR/3.5 BA $329,900 Gar TH REDUCED FROM $349,900
REO: 5666 Singletree Dr., Farmbrook, Frederick 21703 3 BR/1 BA $265,000 SF
REO: 502 Smoketree Ct., Hillcrest Orchard, Frederick 21703 3 BR/1 BA $209,900 SF REDUCED FROM $332,500
REO: 1727 Springhouse Ct., Amber Meadows, Frederick 21702 3 BR/3.5 BA $180,000 TH REDUCED FROM $189,900
Lasalle Bank: 126 Stonegate Dr., Stonegate, Frederick 21702 3 BR/1.5 BA $205,900 Duplex
M&T Bank: 635 Swallowtail Dr., Emerald Farm, Frederick 21703 6 BR/3 BA $456,000 REDUCED FROM $509,900
Citimortgage: 433 Terry Ct #B1, Willow Glen, Frederick 21701 3 BR/1.5 BA $179,900 TH
REO: 12201 Timber Run Ct., Timber Run Estates, Monrovia 21770 4 BR/3.5 BA $554,000 SF REDUCED FROM $565,000
REO: 230 Timber View Ct., North Crossing, Frederick 21702 4 BR/3.5 BA $295,000 TH
Countrywide: 11803 Tommy Ct., Green Valley, Monrovia 21770 5 BR/3 BA $393,900 SF REDUCED FROM $456,900
U.S. Bank: 3987 Triton St., Villages of Urbana, Frederick 21704 5 BR/3.5 BA $482,500 SF REDUCED FROM $510,000
Wells Fargo Bank: 6906 Turnberry Ct., Mountain Village, Frederick 21703 3 BR/2.5 BA $197,370 TH REDUCED FROM $218,000
REO: 52 Vienna Ct., Willowcrest, Frederick 21702 3 BR/2 FB/2 HB $166,500 REDUCED FROM $174,900

REO: 12101 Weller Rd., Monrovia 2 BR/2 BA $149,900 SF REDUCED FROM $219,900
REO: 1506 Wheyfield Dr.,Main, Frederick 3 BR/2.5 BA $209,000 TH REDUCED FROM $295,000
REO: 1602 Wheyfield Dr., Monocacy Landing, Frederick 21701 3 BR/2.5 BA $239,900 TH REDUCED FROM $249,900
REO: 10405 Whiterose Dr., Greenview, New Market 21774 4 BR/2.5 BA $494,900 SF REDUCED FROM $559,900
Chase: 1205 Whitley Ct., Coventry, Frederick 21702 4 BR/3 BA $284,900 SF
Countrywide: 4922 Whitley Ter., Wellington Trace, Frederick 21703 3 BR/2.5 BA $236,900 TH
REO: 1122 Wilcox Ct., Tuscarora Creek Pond, Frederick 21702 4 BR/3.5 BA $499,900 SF REDUCED FROM $509,900
Countrywide: 5807 Woodville Rd., Hawthorne, Mount Airy 21771 4 BR/3 BA $471,900 SF REDUCED FROM $493,900
Please contact us if you have questions about the foreclosure process in Maryland. If you are searching for a property, please tell us about your specific needs.
Please refer your friends that may wish to purchase a residence or investment property.

Your Real Estate Advisor,

Roy Kelley

Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Avenue, Suite 200
Gaithersburg, MD 20879

Direct: 301-921-4569 Client Assistance: 301-670-8996
Email: roykelley@mris.com Fax: 301-921-4586 Main Office: 301-258-7757 x 569

Home Search Website: www.roykelley.com (All available listings may by viewed on Homes Prospector)
Realty Times Newsletter Link: http://realtytimes.com/c/RoyKelley

Providing Loss Mitigation services for home owners facing foreclosure. Marketing REO homes for lenders.

Montgomery County REOs: Please contact us if you wish to receive our Montgomery County report on lender owned foreclosures.

Montgomery County, MD Real Estate Tax Disclosure

In Montgomery County, Maryland, sellers and their agents have quoted the current real estate tax figures when providing information to prospective purchasers.

Now the rules have changed and the county is requiring full disclosure of the estimated real estate taxes for the new owners.

Montgomery County, MD - Disclosure - Property Tax Effective April 1, 2008: Effective April 1, 2008, a new law in Montgomery County, MD is in effect. The purpose of this new law is to provide the buyer of an owner-occupied principal residential property an estimate of the property tax bill (plus non-tax charges included on the bill) in the first full fiscal year of ownership. For more detail regarding this law: http://www.montgomerycountymd.gov/apps/OCP/Tax/Explanation.asp
To assist sellers and buyers and their real estate professionals in Montgomery County, the County’s Office of Consumer Protection, has developed an online “calculator” that determines the approximate property tax and other non-tax charges that a new homeowner would pay on a property during the first full year of ownership. The calculator is located at www.montgomerycountymd.gov/estimatedtax . By entering the address of any residence, the approximate tax obligation of a potential new homeowner is provided.