What happens after foreclosure in Maryland?

by oliver on September 30, 2010

Question:

What happens after foreclosure in Maryland?

Answer:

Many states usually take 90 to 100 days in order to process an uncontested foreclosure. If there are disputes regarding the foreclosure of the home, it would take more than a hundred days. The home undergoing foreclosure is usually sold in a public auction or foreclosure sale.

The sale of the home usually takes place on the courthouse steps in the county where the property is located. After the sale of the home, you may file an objection if the sale was not properly conducted. Make sure to give your objections before the court ratifies the sale or it will be too late. Once the sale is ratified without any objection, the new owners of the property can petition the court to evict the tenants who are still remaining on the property.

Once the eviction takes place, the original lender is given a maximum of three (3) years to file a deficiency judgment on any debt owed, minus the proceeds from the foreclosure. Some of the states have a right of redemption law but Maryland does not have one. This law allows the previous home owner to reclaim the property once he or she has paid the full amount owed in addition to the loan fees.

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