foreclosures

Effective April 14, 2014, Maryland's House Bill 595 authorized a certified Community Development Financial Institution (CDFI) to step in prior to a foreclosure and purchase an owner-occupied residential property, and then transfer the property back to the original owner.

It also blocks the use of a Affidavit, Statement, Agreement or Addendum from preventing or hindering a sale to a CDFI. Such contractual elements will be deemed unenforceable and the sale to a CDFI will be allowed.

Effective July 1, 2014, Senate Bill 708 amended Courts and Judicial Proceedings Article, § 5-102 and reduced the period of time which a an entity could seek a deficiency judgment against a party who had been foreclosed on in Maryland. Up until then, you could have your home foreclosed on and, after the home was liquidated to cover the amount owed on your note, if the bank did not collect the full amount they were owed, they could come after you at a later date - presumably when you were financially back on your feet. This applies to a deed of trust, a mortgage and a promissory note.