Maryland Revises Foreclosure Procedures for Residential Property
By Paul McSheffrey, J.D.
The Maryland Commissioner of Financial Regulation has recently amended provisions under COMAR 09.03.12 relating to foreclosure procedures for owner-occupied residential property. These changes conform Maryland regulations with recent changes to federal regulations.
There are now Notice of Intent to Foreclose forms that conform to new federal regulations regarding the foreclosure referral timeline. Additionally, there are amendments to the foreclosure mediation instructions regarding pre-mediation document production, amendments to the foreclosure mediation checklist, and the addition of a line for mortgage servicer on the mediation request form.
Under COMAR 09.03.12.02(d) there is guidance for a secured party offering prefile mediation for a federally related mortgage loan. The notice of intent to foreclose must be in similar form to Appendix A-1(f) provided at the end of the regulation. Each of the documents from Appendix A-1(f) , Schedule 1, and Schedule 2 should be in the order provided in the appendix. Appendix A-1(f) must be first in the sequence, Schedule 1 second, and Schedule 2 third.
These changes become effective on February 1, 2015.
About the Author:
Paul McSheffrey, J.D. is Regulatory Compliance Consultant at Bankers Advisory. He is a graduate of Northeastern University and earned his Juris Doctor at the New England School of Law. Paul is admitted to the Bar in Massachusetts and New York. He can be reached at Paul@bankersadvisory.com
Paul McSheffrey, JD, is a senior regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at the New England School of Law. He is admitted to the Bar in both Massachusetts and New York.
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