Housing (Mortgages)

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.

SB 353 delays residential foreclosure actions by requiring lenders to wait 90 days after a loan default or 45 days after sending a foreclosure notice before filing a lawsuit. It applies to single-family homes occupied by owners as their primary residence. Exceptions allow immediate foreclosure for fraud, no payments ever made, destroyed property, bankruptcy cases, or vacant abandoned properties. Lenders must now include loss mitigation affidavits and specific documentation with foreclosure filings.