Residents of Baltimore are performing better than their other city counterparts across the country when it comes to foreclosures. Baltimore foreclosures are much lower than the national average, and they were lower in March of 2009 than they were in the same time in 2008. But with over 1,300 homes in foreclosure, Baltimore residents still must be prepared in the event that their home is next.
Baltimore Foreclosure Laws
Baltimore foreclosures laws are set by the state of Maryland. Both judicial and non-judicial foreclosures are allowed, but non-judicial foreclosures have restrictions in Maryland. In most states, a non-judicial foreclosure can be processed without the court’s approval. However, all foreclosures in Baltimore, even non-judicial, must file an order in the Anne Arundel County Court docket before proceedings can begin. A non-judicial foreclosure does not require a hearing prior to foreclosure sale.
Here is a summary of some Baltimore foreclosure laws:
| Judicial |
Yes, with Restrictions |
|
| Non Judicial |
Yes |
|
| Primary Security |
Deed of Trust, Mortgage |
|
| Timeline |
Usually 90 days, Court Decides |
|
| Redemption |
No |
|
| Notice |
Petition |
|
| Deficiency Judgment |
Yes |
|
Baltimore Foreclosure Timeline
All foreclosures in Baltimore must be filed in the county court. A judicial foreclosure happens when there is no Power of Sale clause in the security document. The lender files a complaint in the court, and then the court determines whether a default has occurred or not. If so, the borrower is given a reasonable time, as determined by the court, to cure the default. If no cure is made within the timeline, the court issues an order to sell the property to satisfy the debt.
A non-judicial foreclosure happens when the Mortgage or Deed of Trust has a Power of Sale clause allowing the lender to pre-authorize a sale in the case of default. However, the lender must file an order in the county court docket before proceeding with the foreclosure sale notice. A notice of sale must be published in the local newspapers for three weeks prior to the foreclosure sale.
Getting Help for Baltimore Foreclosures
Baltimore homeowners have a lower foreclosure rate than the national average. Though the foreclosures in Baltimore are fewer, there are still many homeowners who find themselves facing a foreclosure in hard financial times. Help can be found with a certified foreclosure lawyer who specializes in Baltimore foreclosure and real estate law. Most Baltimore foreclosure lawyers will offer a free initial consultation to help you choose the right professional to protect your home.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in Baltimore to see your best options you have available to avoid Foreclosure.
