Silver Spring, MD asked in Consumer Law and Foreclosure for Maryland

Q: I don't think my private mortgage lender was licensed in the state of Maryland, how would I find out and what should I o

The private lender has charged me interest only on a mortgage loan. part of the loan was repayed in Sept 2018 and the balance principal was only supposed to be $7k. The lender and lawyer has been going back and forth with the amount that I owe - from 32k to 9k then to 14k and now I am ready to settle on Thursday it is now up to 11k to the lender and lawyer fee=$6k.

Is there anything I can do about this?

I don't believe the lender is licensed in Maryland.

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1 Lawyer Answer

Adam Savett

Answered
  • Consumer Law Lawyer
  • Allentown, PA

A: You can check the registration status of your lender through NMLS (the Nationwide Multistate Licensing System / Nationwide Mortgage Licensing System and Registry). They maintain a consumer oriented website, here:

http://www.nmlsconsumeraccess.org/

Note that not all types of lenders need the same types of licenses.

You may want to contact the Montgomery County Office of Consumer Protection (OCP), as they are the agency responsible for enforcing consumer protection laws in your county:

https://www.montgomerycountymd.gov/ocp/

Lastly, since you tagged foreclosure in your question, you may want to review information the Maryland Department of Labor, Licensing and Regulation (DLLR) has on foreclosures:

http://www.dllr.state.md.us/finance/consumers/mortforeinfo.shtml

Best of luck.

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