Maryland foreclosure is much like foreclosure throughout the rest of the USA. It is a 90 day process from the beginning of the foreclosure up to the sale by the auctioneer in Maryland.

There is no redemption period allowed by the home owner in Maryland. This means that the former home owner does not have the right to regain ownership of the property during the redemption period of time after the sale of the property. Some states allow this at the cost of the wining bid price plus fees or interest and the period can be up to one year or as short as one day. However in Maryland it is not allowed so once a foreclosed property is sold, the former home owner can not regain ownership of their former property through a right of redemption.

A deficiency judgement is however allowed in Maryland. This is when the bank can seek additional money in addition to that gained from the sale of the foreclosed property. The bank is able to seek as much money as the difference between the house selling price and the amount still owing on the loan.

But because most people who lose their homes can not afford this amount, it is rare that a deficiency judgement is pursued however they will go after the money if they have a reason to believe that the former home owner has the cash or assets to pay for it. This can all occur up to 3 years after the sale of the property.

In Maryland, a bank has to file an order to docket before they can begin the foreclosure proceedings but no hearing has to be held before the sale.

Maryland foreclosure properties are on the increase and now is the time to buy. If you are on the other side of the coin and are in danger of losing your home to foreclosure in Maryland, make sure you start taking action now to keep it as once it is sold you will not be able to get it back through redemption as the law does not exist in this state.