LARGO, Md., (WUSA) -- When it comes to the number of foreclosed homes, Maryland ranks in the top 20 nationally.
Today, Housing and Urban Development Secretary Shaun Donovan, Attorney General Douglas Gansler and local housing advocates came together to hash out options for distressed homeowners who will benefit from the recent Mortgage Servicing Settlement reached earlier this year.
"It's the biggest state federal collaboration agreement in the country's history," says Maryland State Attorney General Gansler.
HUD Secretary Shaun Donovan says, "It will be the single largest principle reduction of loans that we've seen through this crisis. There will be refinancing of underwater homeowners who are current on their mortgages who are paying but have not been able to benefit form the low interest rates."
And for homeowners who were wrongfully foreclosed on there's help for them, too.
A restitution hotline has been set up to assist eligible homeowners.
They should contact the hotline at 888-952-9105 before the end of July 2012.