Posts Tagged ‘maryland’

Foreclosures are proving to be a challenge and in each corner of the country the people and the administration are rising to face it with solutions.

Baldi together with Brad Peterson is spearheading operations to prevent people from being thrown out of their houses. They are witnessing the carnage caused by increasing flood of foreclosures. In each quarter more people are seeking help from this FCCA conducted help programme. It rose from 12 persons in the third quarter to 24 in the last quarter of 2007. In the first quarter of 2008 the number is 48.

Keith Patterson is a real estate agent based in Frederick. He blames the foreclosure debacle to defective government policies. The authorities, he said, ‘closed their eyes, knew what was happening and didn’t think it would go wrong.’ But it did. While the banks hardly took any down payment on the sub-prime mortgages at the time of the housing boom, the government looked the other way.

Comptroller Peter Franchot, one of the top officials of the state, echoes the views of Patterson. He opines that the responsibility for this catastrophe lies with the Congress. Franchot cynically remarks ‘the last sever years of Washington have been like the Wild West.’ It has been a free for all and today the people are paying the price for the lack of regulation.

Frederick is rising to the challenge. Peterson and Baldi are repeatedly asking the victims to seek help before succumbing to foreclosures. Advice is being given free of any charges to the residents of Frederick. There are many options but if the individuals concerned delay then all the doors will close.

Maryland had started help operations (Bridge to Hope) from January to help those who qualify with the sanctioning of $7,000 to $15,000. Baldi was realistic when he admitted that each and everyone cannot be saved but by working together a lot can be done to clear the gloom. Another programme sanctioned by the state is The New Lifeline Refinance Mortgage Program. People in need of help are enabled to refinance with low interest loans. Each programme however has certain preconditions. Help is not limited only to those who are victims of the sub-prime fiasco but also for those who have lost a job and are in need for guidance and support for some time. A financial arm-twisting can also cause foreclosures. When the situation is too complex legal opinion is sought.

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The case of Kwaku Atta Poku has stirred up a hornet’s nest. Maryland Court of Appeals has heard the case of Poku. The process of foreclosure took his house away because he trusted his licensed agent, paid his refinancing dues but the agent never paid it. Maryland is famous for fast track courts – but here it worked fast for the plaintiff without giving the defendant time to prove his point.

Many judges connected with Poku’s appeal are worried that negation of the foreclosure sale of his house would have a negative impact on future buyers of foreclosed houses at auctions. Buyers need to be assured that after purchasing in a court sale, their title to the deed will be clear and not involve any lengthy legal combat with the previous owner.

At the root of the trouble is Maryland’s foreclosure rules that does not allow any time to the defendant and hurries on to a foreclosure sale.. Poku’s case was quickly disposed off within a month of filing. It can happen within 15 days also. Governor Marin has suggested that the time should be extended from 15 days to 45 days. The laws of Maryland do not even require the owner receives the notice. This is despite the fact that the US Supreme Court had ruled that such a notification is a must.

Against this background how will Poku and others like him get the time to prove that the lender is in the wrong? The next big question is – having proved his point what redress can he expect
By reversing and clarifying the previous rulings the Court of Appeals can now admit certain rights of Poku and other house owners like him. The court can make it clear that if the lender is in the wrong by foreclosing the subsequent sale of the unit shall not stop the borrowers from suing the lender or its representatives for damages. Such a ruling would not go against the banking system as a whole. It would ensure that such fraud does not recur. Lenders and their agents will now think twice before rushing on with the foreclosure process.

Such a balanced judgment would do justice both to Poku and the foreclosure system. Poku may not be able to get back his house but he can now fight for damages to compensate for his losses. This compromise will see to the interest of both sides.

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