Monday, April 19, 2010

Free advice before siginging that mortgage

Diane Cipollone of Civil Justice was on WYPR this morning discussing a program that gives consumers free legal advice before buying a home or doing a home refinance. Civil Justice executive director, Phillip Robinson, is on MCRC's board of directors.

Civil Justice is piloting a new statewide program, the Maryland Mortgage Fraud Prevention Project (MFP), which aims to help prevent mortgage fraud by ensuring Maryland homebuyers are signing documents in line with the type of loan they expect. To ensure transactions are in the best interest of homeowners and lenders, first-time homebuyers and those seeking mortgage refinancing are encouraged to seek legal advice prior to signing their purchase contracts and loan documents. By providing homeowners with the access to legal review services prior to signing their mortgage documents, homebuyers can avoid obtaining a mortgage that could place them at risk of foreclosure.

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