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While you can't redeem your home after the foreclosure sale in Maryland, you do get what is called an "equitable right of redemption" before the sale is finalized.Ratification typically takes place 30 to 45 days after the sale, though this varies from county to county.
Notice of Intent to Foreclose (NOI) The NOI is a warning notice to the homeowner that a foreclosure action could be filed against them in court. The mortgage company must send the NOI by certified and first-class mail to the homeowner no less than 45 days before a foreclosure action is filed in court.
(Md. Code Ann., Tax-Prop. § 14-833). These six months are called a "redemption period." (In Baltimore City, the redemption period is nine months from the date of sale for owner-occupied residential properties.
In a foreclosure by judicial sale, the redemption period is six months from the date of the foreclosure decree, unless the court orders a shorter time. Redemption is also available before the sale takes place, even if the initial redemption period expired.
Typically, it takes about 90 days to foreclose on a Maryland property if the borrower does not object to the foreclosure. If a lender pursues a judicial foreclosure in Maryland then the time frame for foreclosure will vary depending on the court's schedule and orders.
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Foreclosure Sale and Eviction If the borrower does not request mediation, the sale can occur as soon as 45 days after receipt of a Final Loss Mitigation Affidavit, or 30 days from the date the Final Loss Mitigation Affidavit was mailed to the homeowner.
Currently, 22 states in the U.S. only allow banks to attempt judicial foreclosures, including Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Vermont, Virginia, and
Maryland Foreclosures: A Quasi-Judicial Process. Most foreclosures in Maryland are what's called nonjudicial or quasi-judicial. With a nonjudicial foreclosure, the lender must complete specific out-of-court steps detailed in state law before selling the property.