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In Maryland, lenders may foreclose on a mortgage or deed of trust in default using either the judicial, assent to decree, or non-judicial foreclosure process.
If the court finds that a default has occurred it shall: 1) fix the amount of the debt, interest, and costs then due; and 2) provide a reasonable time within which payment may be made. The court may order that if payment is not made within the time fixed in the order, the property must be sold to satisfy the debt.
Assent To Decree Foreclosure
Despite the permission given in the power of sale clause, lenders in Maryland must still file an order to docket before foreclosure proceedings can begin. However, it is not necessary for a hearing to be held prior to the foreclosure sale.
A notice of sale must be published in a newspaper of general circulation in the county where the property resides at least once a week for three (3) successive weeks, with the first publication to be not less than fifteen (15) days prior to sale and the last publication to be not more than one week prior to sale. The notice of sale must also be sent by certified and by registered mail, not more than thirty (30) days and not less than ten (10) days before the date of the sale, to the borrower at their last known address.
The sale must be conducted by the person authorized to make the sale (i.e. trustee, sheriff) and may take place immediately outside the courthouse entrance, on the property itself or the location advertised in the notice of sale, if different. The terms of the sale vary by process.
If the sale is postponed, notice of the new date of sale shall be published in the manner the original notice of sale was given.
Within thirty (30) days after the sale, the person authorized to make the sale must file a complete report of the sale with the court. The clerk of the court will then issue a notice containing a brief description to identify the property and stating that the sale will be ratified unless cause to the contrary is shown within 30 days after the date of the notice. A copy of the notice shall be published at least once a week in each of three successive weeks before the expiration of the 30-day period in one or more newspapers of general circulation in the county in which the report of sale was filed.
Lenders have a period of three (3) years to file for a deficiency judgment, but it is limited to the balance of the loan in default after the foreclosure sale proceeds have been applied.
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