Maryland SB353 modifies foreclosure rules for residential properties, including timing and documentation requirements.

Maryland SB353 revises the conditions under which a mortgage or deed of trust foreclosure can be initiated on residential properties. It specifies that foreclosure actions may not be filed until certain conditions are met, such as the default occurring after a bankruptcy stay has been lifted or the property being vacant and abandoned. The bill also outlines the documents required for foreclosure, including loss mitigation affidavits, prefile mediation reports, and statements regarding the election to participate in mediation.

Maryland SB353 modifies foreclosure rules for residential properties, including timing and documentation requirements.

Maryland SB353 revises the conditions under which a mortgage or deed of trust foreclosure can be initiated on residential properties. It specifies that foreclosure actions may not be filed until certain conditions are met, such as the default occurring after a bankruptcy stay has been lifted or the property being vacant and abandoned. The bill also outlines the documents required for foreclosure, including loss mitigation affidavits, prefile mediation reports, and statements regarding the election to participate in mediation.