Two members of the House of Representatives have obtained documents from Fannie Mae that contradict congressional testimony made by the mortgage loan giant's regulator, Edward DeMarco

They assess that a principal reduction plan would cost Fannie Mae $1.7 million, but could lead to benefits of over $410 million.  Last month, DeMarco said that Fannie Mae and Freddie Mac could save taxpayers as much as $1.7 billion by reducing principal for certain homeowners.

He is wary of forgiving principal because he believes it would hurt the government's $188 billion investment in Fannie Mae and Freddie Mac. 

Many homeowners are facing foreclosure, if you need help with your mortgage, contact the Maryland foreclosure defense lawyers of Chaifetz & Coyle, P.C., 443-546-4608.

A Severna Park woman was  sentenced to three years in prison on Tuesday for her involvement in a morgage fraud scam that cost homeowners and lenders over $2 million. Her actions led to the forclosure of 13 homes.

She told homeowners who were facing foreclosure that they could continue living in their homes as renters by selling their mortgages to investors. Eventually, they could buy back their homes once their finances were straightened out. 

The scam created $4.7 million in fraudulent loans. 

Scams like these are unfortunately all too common. If you are having difficulties making your mortgage payments, hiring a Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., can help you avoid falling prey to these kinds of venemous schemes. Contacut us by calling  443-546-4608 today.

The number of foreclosures that were filed last month in Maryland increased by 28.3 percent from the number in January.

Maryland was one of 21 states that showed an increase in foreclosure filings last month and officials think that this may continue to occur because certain obstructions that were stopping foreclosure filings from occurring, have now been removed.  This year's foreclosure filings in February have increase 22.2 percent since February 2011. 

If you or a loved one would like to talk to an experienced representative about your options when your home has been foreclosed on, contac the Maryland foreclosure defense lawyers of Chaifetz & Coyle, P.C. by calling 443-546-4608 today.

Thomas E. Green, of Ocean City, pled guilty to conspiring to commit wire and bank fraud in order to secure $2.2 million in loans on five properties in Cape Charles, Virginia.

From January 2007 to September 2008, Green commited mortgage fraud throughout the Cape Charles area on the eastern shore of Virginia.  The sentencing is scheduled for May 23, and Green could face up to 30 years in prison.  

According to the plea agreement, Green applied for two properties and falsely claimed he made $26,500 and $24,500 per month respectively.  On three separate properties he claimed he made the down payments from his own funds when in fact the money came from other conspirators.

Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. are thrilled to announce the "Shop Maryland Energy Weekend" beginning Friday.

Beginning at midnight on Friday, there will be tax-free deals on select Energy Star appliances and products sold throughout Maryland.  This annual tax-free weekend will help consumers save on initial purchases and energy bills for the future. Appliances such as washers, refrigerators, heat pumps, air conditioners, and furnaces will be part of the tax-free deals.

The tax-free deals run from midnight on Friday to midnight on Monday.  The Energy Star label is on a list of appliances to mark the ones that reduce the emissions of greenhouse gases and pollutants that can destroy the environment from poor use of energy. 

For more information, visit www.wbaltv.com 

State and federal officials announced today that a national foreclosure settlement of over $25 billion has been reached between five of the nation's banks and the state officials.

This marks the largest civil settlement in our nation's history, and is the end of a 16 month battle between lenders and state/federal officials.  President Obama stated, “We have reached a landmark settlement with the nation’s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness that has left so much damage in its wake."

The settlement requires banks to reduce the amount on mortgages the borrowers owe, lower interest rates, and pay restitution to those who suffered abuses.  Banks are now required to have one point of contact for each borrower to prevent being moved around between employees.