Finance
Maryland's foreclosure mediation program gives homeowners the right to:
AAutomatically stop the foreclosure indefinitely
BRequest mediation with the lender before the foreclosure sale to explore alternatives such as loan modification✓ Correct
CRecover their property after a foreclosure sale for up to 1 year
DRequire the lender to provide a new loan
Explanation
Maryland's foreclosure mediation program allows homeowners in foreclosure to request a mediation session with their lender to explore alternatives to foreclosure, such as loan modifications or short sales.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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