• Regulations Proposed for Expedited Foreclosures
  • October 4, 2017 | Authors: Edward J. Levin; Lawrence D. Coppel; Marjorie A. Corwin; Christopher R. Rahl
  • Law Firm: Gordon Feinblatt LLC - Baltimore Office
  • As reported in our 2017 Maryland Laws Update, beginning October 1, 2017, there will be a procedure available to secured parties that want to expedite foreclosing on vacant and abandoned residential property. Chapter 617 of the 2017 Laws of Maryland allows a secured party to petition the court and, if the petition is granted, the secured party may proceed with a foreclosure without needing to comply with certain obligations otherwise required for residential property foreclosures. In the Maryland Register editions published August 18, 2017 and September 1, 2017, the Commissioner of Financial Regulation published proposed regulations, including a proposed form of notice to be provided when using this new procedure. Comments on the proposed regulations will be accepted by the Commissioner’s office through October 1, 2017. Please contact Margie Corwin is you have any questions or comments you would like us to submit.