ANNAPOLIS, Md. — The Maryland Department of Labor’s Office of the Commissioner of Financial Regulation announced the extension of a moratorium on new residential foreclosures through March 31, 2021.
The moratorium, originally established by Governor Larry Hogan's executive order issued on April 3, 2020 and continued through subsequent executive orders, has been renewed multiple times and was scheduled to expire on February 28.
The statewide reporting system for new foreclosure notices will now remain closed through March 31, 2021.
During this time, 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 in danger of defaulting on their mortgage should contact the company where they send their monthly payments for 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.
For more information about the Office of the Commissioner of Financial Regulation, Maryland’s consumer financial protection agency and financial services regulator, visit www.labor.maryland.gov/finance.
