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1. Real Estate and Other Housing
2. Foreclosure
3. Foreclosure Steps and Timeline
Foreclosure Steps and Timeline
This article explains the steps and timeline of a foreclosure case from starting to end.
1. Mortgage in default
Default = 1 day past mortgage due date
- Lender sends out Notice of Intent to Foreclose (typically sent out 45 days after default) and a loss mitigation application
2. Foreclosure filed in Court
- Lender's law office submits Order to Docket. - Can file whenever after 45 days from when the Notice of Intent to Foreclose is sent (or 90 days in default)
- Lender should wait 28 days after submitting the Order to Docket before submitting the last loss mitigation affidavit
- Lender needs to file the final loss mitigation affidavit a minimum of 30 days before sale
3. Foreclosure mediation (optional action)
- Homeowner needs to file mediation request and send a payment of $50, within 25 days of:
- The Order to Docket, if final loss mitigation affidavit served at very same time
- Receipt of last 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 been serviced with the Order to Docket if it has a final loss mitigation affidavit filed with it; or
- thirty days after the last loss mitigation affidavit is served if it is submitted after the Order to Docket is submitted
- Within 5 days of receiving a mediation demand, the Circuit Court will forward the demand to Office of Administrative Hearings (OAH)
- OAH will set up the mediation within 60 days of receiving the demand. OAH can extend the time up to 1 month for good cause or longer if all parties concur. - OAH will send out the homeowner a scheduling notification
- OAH will also consist of guidelines for files that need to be offered to OAH and the lending institution's law firm prior to the mediation. These files should be supplied 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 schedule the sale as quickly as 15 days after the mediation has happened
4. Foreclosure sale
- Homeowner might file a motion to remain or dismiss under Maryland Rule 14-211 if they have a legitimate defense on why the lending institution does not can foreclosure on their home. - The motion to remain must be submitted within 15 days after the mediation is held. If no mediation occurs, then the motion must be filed within 15 days after OAH submits its report with the court. This may occur if one celebration stops working to stand for mediation.
- The homeowner might file a stay if the house owner has actually not received a final determination on the completed loss mitigation application that was gotten by the lending institution at least 37 days before the sale date.
- When the lender schedules the foreclosure sale, they need to offer notice to house owner. - Notice must be supplied no later on than 10 days and no faster than one month before the set up sale
- The Homeowner can treat the default by paying all unpaid payments, penalties, and charges and restore the loan at any time approximately 1 business day before the foreclosure sale occurs.
- Within 2 week after a post ponement or cancellation of a sale, the Lender's law practice shall send out a notice that the sale was held off or cancelled to the borrower and/or the Homeowner. The notifications shall be sent by top-notch mail, postage prepaid.
- Once the foreclosure sale has actually happened, the lender must file a report of sale with the Circuit Court - The report should be submitted within one month after the sale
- The Notary issues a notification that the sale will be validated within one month of Clerk's notice
- If a homeowner wishes to file exceptions to sale, it should be filed with the Court within 30 days after the clerk's notification
- The Circuit Court validates the sale after the time for exceptions has past or exceptions have been overthrown
- After the foreclosure sale occurs and the purchaser from the foreclosure sale finishes settlement, the court selected auditor will submit the Auditor's Report with the Court. - The Homeowner and any junior lienholder is entitled to receive 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 submit a Motion for Entry of a Deficiency Judgment.
- If the Auditor's Report shows a surplus, then the court auditor will recommend to the Court how the earnings need to be distributed.
5. Eviction
- The buyer from the foreclosure sale files a Movement for Entry of Judgment Awarding Possession - The Court must provide an order granting belongings
- After the entry of judgment, buyer should send out an eviction notification prior to executing the writ of ownership
- After the expulsion notification is served, buyer must file an ask for writ of possession
- Sheriff then carries out the writ and evicts previous house owner
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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