Greenspoon Marder LLP Financial Services Client Alert: State of Maryland – Executive Order No. 20-10-16-01 Foreclosures and Mortgages
Oct 28, 2020
Fort Lauderdale, FL
On October 16, 2020, the Governor of Maryland issued
Executive Order No. 20-10-16-01 which amends and restates a previous order (No. 20-04-03-01) relating to foreclosures and mortgages. The primary impact of the initial order was to suspend operations of the Notice of Intent to Foreclose registry system, effectively stopping the initiation of new foreclosures in Maryland regardless of loan status. Previously, this order was without an end-date.
The amended order provides an end-date of January 4, 2021; at which time new Notices of Intent to Foreclose can be registered and foreclosure cases may proceed. However, the order also introduces a new caveat to the registration of Notices of Intent to Foreclose.
When the Notice of Intent to Foreclose registration system opens up; in order to complete a registration it must be certified that the lender/secured party has participated in all loss mitigation requirements of the CARES Act (if it is a federally-insured loan) or that the lender/secured party has offered a forbearance option regardless of delinquency status. The Department of Labor, Licensing and Regulation does not, at this time, have a proscribed form for this confirmation; they have confirmed that they will be including the certification directly into the registration system and that nothing is required to be executed by the lender/secured party if they are represented by an attorney.
Evictions in Maryland can proceed at this time (per Maryland laws); however they are still to be halted if the tenant can show they suffered a ‘substantial loss of income’ due to the COVID-19 situation.
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