Here is a summary of foreclosure laws and rules for the State of Maryland:
- Lenders use judicial foreclosure.
- The foreclosure begins with the petition in equity filing an order to docket.
- If no notice is given, the foreclosure may begin within 90 days from the date of default. If the lender provides notice, an action to foreclosure can begin with 45 days. In some cases, e.g. the loan was obtained by fraud or deception, the foreclosure action can commence immediately.
- The homeowner has the right to cure the default and stop the mortgage by paying all past due payments, penalties and fees and reinstate the loan up to 1 business day before the foreclosure sale occurs.
- A deficiency judgment may be obtained.
- The redemption period is decided by the court.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Maryland those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
Maryland Foreclosure Page
Love your site! thank you for great information!
The subject heading list Maryland but body text states "Here is a summary of foreclosure laws and rules for the State of Minnesota" Not sure if summary applies to Maryland or Minnesota. Checked out Minnesota and summary is very different. Why do some states not list any information related to deficiency?
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