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1. Real Estate and Other Housing
2. Foreclosure
3. Foreclosure Steps and Timeline
Foreclosure Steps and Timeline
This article describes the steps and timeline of a foreclosure case from beginning to end.
1. Mortgage in default
Default = 1 day past mortgage due date
- Lender sends Notice of Intent to Foreclose (generally sent 45 days after default) and a loss mitigation application
2. Foreclosure submitted in Court
- Lender's law company files Order to Docket. - Can submit at any time after 45 days from when the Notice of Intent to Foreclose is sent out (or 90 days in default)
- Lender must wait 28 days after filing the Order to Docket before filing the last loss mitigation affidavit
- Lender must submit the final loss mitigation affidavit a minimum of thirty days before sale
3. Foreclosure mediation (optional action)
- Homeowner should file mediation demand and send a payment of $50, within 25 days of:
- The Order to Docket, if last loss mitigation affidavit served at very same time
- Receipt of final loss mitigation affidavit submitted after the Order to Docket is submitted
- In either case - 25 days from last loss mitigation affidavit
- 45 days after the house owner has actually been serviced with the Order to Docket if it has a last loss mitigation affidavit submitted with it; or
- 30 days after the last loss mitigation affidavit is served if it is submitted after the Order to Docket is submitted
- Within 5 days of getting a mediation request, the Circuit Court will forward the request to Office of Administrative Hearings (OAH)
- OAH will schedule the mediation within 60 days of receiving the demand. OAH can extend the time approximately thirty days for great cause or longer if all parties agree. - OAH will send out the house owner a scheduling notification
- OAH will likewise include guidelines for documents that require to be offered to OAH and the loan provider's law practice prior to the mediation. These documents ought to be provided no behind 20 days before the scheduled date of mediation.
- OAH submits a report with the court within 7 days after the mediation - If there is no arrangement in mediation, the Lender schedules the home for foreclosure sale.
- The Lender can arrange the sale as quickly as 15 days after the mediation has actually occurred
4. Foreclosure sale
- Homeowner may submit a movement to remain or dismiss under Maryland Rule 14-211 if they have a valid defense on why the lender does not can foreclosure on their home. - The motion to stay must be submitted within 15 days after the mediation is held. If no mediation happens, then the movement needs to be filed within 15 days after OAH files its report with the court. This might take place if one celebration stops working to appear for mediation.
- The property owner might file a stay if the property owner has actually not received a last determination on the completed loss mitigation application that was received by the lender a minimum of 37 days before the sale date.
- When the lender schedules the foreclosure sale, they need to provide notification to house owner. - Notice must be supplied no behind 10 days and no faster than one month before the arranged sale
- The Homeowner deserves to treat the default by paying all past due payments, penalties, and fees and renew the loan at any time as much as 1 company day before the foreclosure sale happens.
- Within 2 week after a postponement or cancellation of a sale, the Lender's law office shall send out a notification that the sale was held off or cancelled to the debtor and/or the Homeowner. The notifications shall be sent by top-notch mail, postage prepaid.
- Once the foreclosure sale has actually taken place, the lending institution needs to submit a report of sale with the Circuit Court - The report need to be submitted within 30 days after the sale
- The Notary issues a notification that the sale will be validated within one month of Clerk's notification
- If a house owner wants to submit exceptions to sale, it should be filed with the Court within 1 month after the clerk's notice
- The Circuit Court validates the sale after the time for exceptions has past or exceptions have actually been overruled
- After the foreclosure sale takes place and the purchaser from the foreclosure sale completes settlement, the court designated auditor will submit the Auditor's Report with the Court. - The Homeowner and any junior lienholder is entitled to get a copy of the Auditor's Report.
- The Auditor's Report will reveal a shortage or a surplus.
- If the Auditor's Report shows a shortage, then the Lender may file a Movement for Entry of a Shortage Judgment.
- If the Auditor's Report shows a surplus, then the court auditor will recommend to the Court how the profits should be dispersed.
5. Eviction
- The buyer from the foreclosure sale files a Motion for Entry of Judgment Awarding Possession - The Court need to release an order approving belongings
- After the entry of judgment, buyer must send out an eviction notification prior to performing the writ of belongings
- After the expulsion notification is served, buyer must file a request for writ of belongings
- Sheriff then executes the writ and evicts previous homeowner
Read the Law and Rules: Md. Code, Real Residential Or Commercial Property § 7-105.1; Md. Rules 2-647 (Enforcement of Judgment Awarding Possession); 14-102 (Judgment Awarding Possession); 14-207 (Pleadings); & 14-305 (Procedure Following Sale); COMAR 09.03.12
The Foreclosure Process from the Maryland Courts
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