The Maryland Department of Labor’s Office of the Commissioner of Financial Regulation today announced the extension of the moratorium on new residential foreclosures through May 3.
The moratorium, originally established by the governor’s executive order issued April 3, 2020 and continued through subsequent executive orders and regulatory guidance, was due to expire on Wednesday.
Maryland Commissioner of Financial Regulation Antonio P. Salazar has issued new regulatory guidance to mortgage lenders, loan servicers, and collection agencies stating that the statewide reporting system for new foreclosure notices will remain closed through May 3. While the reporting system is closed, lenders are prohibited from sending a “notice of intent to foreclose” to homeowners. This notice is the first step for initiating most residential foreclosures in Maryland.
Homeowners who are facing foreclosure or at risk of defaulting on their mortgage should contact the company where they send their monthly payments to request assistance. Companies are offering loan forbearance and other temporary payment relief to homeowners who are experiencing economic hardship due to the COVID-19 pandemic. Homeowners can also call the Maryland HOPE hotline at 1-877-462-7555 for a referral to a nonprofit housing advocate.
Additional information and resources about mortgage relief and foreclosure prevention can be found by visiting the department’s website.