Maryland homeowners to get $960 million as a result of a nationwide settlement with the big banks. See the Washington Post Article on this issue here.
Individuals may be entitled to compensation if they suffered harm as a result of a fraudulent foreclosure. That compensation seems to be pretty small and will certainly not compensate for the loss of one’s home.
Those facing foreclosure are bound to benefit the most from this settlement. Some of the money will be used to staff more workers assisting marylander’s avoid foreclosure while some money will go toward tefinancing for homeowners who are current in their payments but who owe more than their homes are worth.
This is good news, but I suspect the struggle will continue for many homeowners. Keep an eye out for this program so that you do not miss any relief you are eligible for.
Joseph Githuku
410-849-9529
