Maryland Foreclosure Law

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Maryland Foreclosure Laws

Typical Maryland Foreclosure Time Frame – Typical Maryland foreclosure time is approximately 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – No

Maryland foreclosure laws stipulate that both judicial and non-judicial foreclosures are possible.  In order to use a judicial foreclosure it is required that the mortgage contract or the deed of trust not include a Power of Sale stipulation or clause. 

In a Maryland judicial foreclosure the lender is required to sue the borrower in order to obtain an Order of Foreclosure.  A hearing is not required in order for a lender to proceed with the sale of the property if an Assent to a Decree of Foreclosure is included in the mortgage contract or in the deed of trust.  Absent the Assent to a Decree of Foreclosure the courts will hold a hearing.

According to Maryland foreclosure law, in the event that a hearing is necessary, the court will determine if a default has actually occurred.  If the court determines that, a default has occurred, it will order the amount that is due and give the borrowers a specific amount of time to correct the default in order to save their home.  If the borrower is unable to correct the default, a Decree of Sale will be given to the lender.

For a non-judicial foreclosure in Maryland, a power of sale must be included, and the lender is still required to file with the courts before the foreclosure process can officially begin.  No hearing is required however, but the courts must be notified. 

A notice of the sale is required to be published at least once a week for a minimum of three consecutive weeks prior to the date of the sale.  In addition it is required that a copy of the notice also be served on the borrower at least 15 days before the sale, and no sooner than 30 days before the sale.

Once the sale has occurred the person who conducted the sale is required to file a report of the sale with the clerk of the court.  The clerk will then issue a notice that states the sale will be ratified unless someone has sufficient cause to show that the sale was invalidated within 30 days.  The notice must be published at least once a week for a minimum of three consecutive weeks as well during the 30-day period for someone to attempt to invalidate the sale.  In the event that it becomes necessary to postpone the sale of the property, the notice process must be repeated with the new sale date in exactly the same manner as the original sale publication.

Maryland foreclosure law does allow for a deficiency judgment to be obtained against a borrower, however it must be done within three years or the lender loses the right.  The amount the lender is allowed to request is limited to only what is left remaining on the balance of the loan after the sales proceeds have been applied to the loan.

For more information on Maryland foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.