Maryland Expedited Foreclosure Bill Passes Assembly
Updated 10/31/17: The Office of the Commissioner of Financial Regulation (Maryland Department of Labor, Licensing and Regulation) issued an advisory announcing the creation of a new form that is to be used by secured parties in expedited foreclosure proceedings for vacant and abandoned properties.
Updated 7/6/17: DS News released an article titled Opportunity and Risk in Maryland’s Fast Track Foreclosure Process.
Updated 5/25/17: Maryland Governor Larry Hogan has signed SB 1033 (Residential Property – Vacant and Abandoned Property – Expedited Foreclosure). The law will take effect on October 1, 2017.
NOTE: This bill was cross-filed with HB 702.
Additional Resources:
MReport (Maryland Gov. Signs Fast-Track Foreclosure Bill)
DS News (The Fight Against Blight in Maryland)
National Mortgage News (Maryland governor signs bill to fast-track vacant home foreclosures)
Safeguard Properties Fast-Track Legislation Resource Center
Legislation Update
April 5, 2017
Synopsis:
Authorizing a secured party to petition a circuit court for leave to immediately commence an action to foreclose a mortgage or deed of trust on residential property if the property is vacant and abandoned under specified circumstances; requiring a secured party to send a copy of a specified petition to specified persons under specified circumstances; requiring a court to rule on a specified petition promptly after the petition is filed; applying the Act prospectively; etc.
Source: General Assembly of Maryland (information and full text)
Additional Resource: