Real Property - Residential Foreclosures - Commencement Restrictions

HB 523 (Real Property - Residential Foreclosures - Commencement Restrictions) delays foreclosure actions on residential properties by requiring a 90-day waiting period after a default or notice of intent to foreclose, whichever is later. It directly affects homeowners facing foreclosure and mortgage lenders by adding this waiting period, with limited exceptions for fraud, no payments, property destruction, bankruptcy, or vacant properties. Key provisions include mandatory affidavits verifying default details and notice accuracy, a $450 filing fee, and requirements for loss mitigation documentation. The bill modifies Maryland's foreclosure law to provide additional time for homeowners to seek alternatives before a foreclosure case can proceed.