Release: Mizeur-Coates Lead on Foreclosure Protections
Wednesday, February 26, 2014
Mizeur-Coates To Lead on Foreclosure Protections
SILVER SPRING, Maryland – Tomorrow, Delegate Heather Mizeur (D-Montgomery) and Delman Coates, Democratic candidates for governor and lieutenant governor, will testify together on Mizeur’s legislation, The Foreclosure Protection Act, to provide foreclosure protections for working families.
The legislation prohibits deficiency judgments and limits the use of Mortgage Election Registration System (MERS). Testimony will be heard tomorrow before the Environmental Matters Committee in the House of Delegate.
Also testifying on behalf of Mizeur’s bill are consumer protection advocates, and individuals who have suffered at the hands of Maryland’s foreclosure crisis.
Deficiency judgments permit mortgage companies to lull homeowners into a false sense of security with a short sale, only to bankrupt an individual a second time. Homeowners and states have been adversely affected by MERS; a system that was designed to track servicing rights and ownership of mortgage loans, but in reality permits the transfer and sale of mortgages without consent of the homeowner.
Mizeur and Coates are also releasing a plan to stem foreclosures as part of their campaign for governor. The plan mirrors Mizeur’s legislation and seeks to address a spike in Maryland’s foreclosures of 275% last year. In 2013, Maryland had the second highest foreclosure rate in the nation.
“Maryland is in the midst of a foreclosure epidemic,” Mizeur writes in her proposal. “We can help those still facing the threat of foreclosure and prevent future homeowners from needless suffering.”
To see the campaign proposal on foreclosure protection, please visit www.heathermizeur.com/foreclosure.