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New Md. Rules Aim To Aid Those Facing A Risk of Foreclosure
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"We've received complaint after complaint with very simple but compelling allegations: They won't answer the phone," he added. "It's basic stuff like that. They won't answer the phone. They're not being responsive."
But executives at two companies defended their efforts to help homeowners avoid foreclosure. Washington Mutual, one of the companies singled out by Perez, views foreclosure "as a last resort," said Nova Barnett, a vice president.
The company wants customers to "contact us as soon as they anticipate difficulty in making payments on their mortgage -- and to keep in contact with us as their circumstances change -- so that we can continue to explore and discuss their various options," Barnett said in an e-mail.
Bill Rinehart, vice president and chief risk officer at Ocwen, said the customer service record at his Florida-based company is "very strong."
"When a customer becomes severely delinquent, our success rate in avoiding foreclosure is about 80 percent, and we're not aware of anybody else in the industry who's any better than that," he said.
In Maryland, there were 9,722 foreclosures in the fourth quarter of 2007, up from 7,001 the previous quarter, according to data O'Malley released yesterday. Prince George's continues to have the highest number, with 2,732 in the fourth quarter, followed by Montgomery, with 1,310, and the city of Baltimore, with 1,268.
The governor urged homeowners who believe they are at risk of foreclosure to call a toll-free state hotline, 877-462-7555.
Counselors at that number help connect residents to nonprofit housing advisers or direct them to apply for the state's Bridge to Hope Loan Program, which provides gap loans at no interest to homeowners who are behind on their mortgage payments.
O'Malley said the state is sending mass mailings to homeowners in particularly hard-hit Zip codes telling them about such preventive measures.
