Maryland Foreclosure Laws

Both the typical mortgage and the Deed of Trust are used as security instruments in Maryland and you can have both a non-judicial and a judicial process. The average foreclosure here takes around ninety days to realize and thy government here allows the lender to file for a deficiency judgement to make up the difference between selling price and the amount owed but they do not let the borrower have the right of redemption for the property.

If the security document here contains no power of sale clause and there is no assent to a judicial decree on foreclosure then you are looking at getting a judicial foreclosure. However, if the security document has an assent to a decree of foreclosure then the borrower gives the lender the right to a sale in the event that he or she defaults in the payments

The lender has to file a complaint against the borrower in order to foreclose the property. However a hearing is not going to be needed in order for the lender to continue on with the sale.

If the loan document doesn’t have either of those then the lender will have to sue in order to get a decree of sale in Maryland. In this case it will be up to the court to decide if the borrower is in default. In the event that the court decides that the borrower has defaulted, they figure the amount due and will set a reasonable amount of time for repayment.

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