Maryland Sample Letters - A Package of Sample Letters and Forms for Foreclosure
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FAQ
What if the homeowner does not redeem the property? redemption cannot be filed until six months after the date of sale (nine months in Baltimore City), and it cannot be filed later than two years after the date of the certificate.
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. In Maryland, most foreclosures are nonjudicial. But as part of the process, a court must ratify (confirm) the foreclosure sale.
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
The lender or mortgage servicer mails a Notice of Intent to Foreclose (NOI) to the homeowner after the first missed payment or other contractual default on a mortgage. The NOI is a warning notice that a foreclosure could be filed in court. It must be sent no less than 45 days before the foreclosure is filed.
The homeowner can be evicted from the property as soon as 15 days after the court ratifies the sale. Homeowners are encouraged to plan for alternative housing earlier in the process to avoid a forced eviction.
Bankruptcy Is The Only Guaranteed Way to Stop Foreclosure in Maryland. Chapter 13 and Chapter 11 bankruptcy is the only guaranteed way to stop a foreclosure and pay back what you owe, short of paying off the amount that you are behind in full as reinstatement.
What Types of Foreclosure Are Available in Maryland? If you default on your mortgage payments in Maryland, the lender may foreclose using a judicial or nonjudicial method.