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Foreclosure Steps And Timeline

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1. Real Estate and Other Housing
2. Foreclosure
3. Foreclosure Steps and Timeline

Foreclosure Steps and Timeline

This short article explains the actions and timeline of a foreclosure case from starting to end.

1. Mortgage in default

Default = 1 day past mortgage due date
– Lender sends Notice of Intent to Foreclose (typically sent out 45 days after default) and a loss mitigation application

2. Foreclosure submitted in Court

– Lender’s law firm submits Order to Docket. – Can submit at any time after 45 days from when the Notice of Intent to Foreclose is sent (or 90 days in default)

– Lender must wait 28 days after filing the Order to Docket before filing the final loss mitigation affidavit
– Lender must file the last loss mitigation affidavit a minimum of 1 month before sale

3. Foreclosure mediation (optional action)

– Homeowner should submit mediation request and send a payment of $50, within 25 days of:

– The Order to Docket, if final loss mitigation affidavit served at same time
– Receipt of final loss mitigation affidavit filed 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 last loss mitigation affidavit filed with it; or
– 1 month after the last loss mitigation affidavit is served if it is filed after the Order to Docket is filed

– Within 5 days of receiving a mediation request, the Circuit Court will forward the request to Office of Administrative Hearings (OAH)

– OAH will arrange the mediation within 60 days of getting the demand. OAH can extend the time up to thirty days for good cause or longer if all parties agree. – OAH will send the property owner a scheduling notification
– OAH will also include instructions for files that require to be supplied to OAH and the lender’s law practice prior to the mediation. These files must be provided no later than 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 taken place

4. Foreclosure sale

– Homeowner may file a movement to remain or dismiss under Maryland Rule 14-211 if they have a valid defense on why the loan provider does not can foreclosure on their home. – The movement to remain need to be filed within 15 days after the mediation is held. If no mediation takes place, then the movement needs to be filed within 15 days after OAH submits its report with the court. This might occur if one celebration stops working to appear for mediation.
– The property owner may submit a stay if the house owner has not gotten a last determination on the finished loss mitigation application that was gotten by the lending institution a minimum of 37 days before the sale date.

– When the loan provider schedules the foreclosure sale, they should supply notification to property owner. – Notice should be offered no behind 10 days and no quicker than one month before the arranged sale

– The Homeowner can cure the default by paying all overdue payments, charges, and fees and restore the loan at any time approximately 1 service day before the foreclosure sale takes place.

– Within 2 week after a post ponement or cancellation of a sale, the Lender’s law firm shall send out a notification that the sale was postponed or cancelled to the borrower and/or the Homeowner. The notices shall be sent out by top-notch mail, postage prepaid.

– Once the foreclosure sale has actually happened, the lending institution should file a report of sale with the Circuit Court – The report should be submitted within thirty days after the sale

– The Court Clerk issues a that the sale will be ratified within one month of Clerk’s notification

– If a house owner wants to submit exceptions to sale, it needs to be filed with the Court within 30 days after the clerk’s notification

– The Circuit Court ratifies the sale after the time for exceptions has previous or exceptions have been overruled

– After the foreclosure sale takes place and the buyer from the foreclosure sale completes settlement, the court designated 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 deficiency or a surplus.
– If the Auditor’s Report reveals a shortage, then the Lender may submit a Movement for Entry of a Shortage Judgment.
– If the Auditor’s Report reveals a surplus, then the court auditor will recommend to the Court how the proceeds need to be distributed.

5. Eviction

– The buyer from the foreclosure sale submits a Motion for Entry of Judgment Awarding Possession – The Court need to release an order approving possession
– After the entry of judgment, buyer needs to send an eviction notice prior to executing the writ of belongings
– After the eviction notice is served, purchaser must file an ask for writ of possession
– Sheriff then performs the writ and forces out previous homeowner

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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