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Financial Services Law Insights and Observations

Maryland commissioner of Financial Regulation announces suspension of Notice of Intent to Foreclose Electronic System

State Issues Covid-19 Maryland Mortgages Foreclosure

State Issues

On April 6, the Maryland commissioner of Financial Regulation issued an industry advisory announcing the temporary suspension of the Notice of Intent (NOI) to Foreclose Electronic System. The suspension takes effect on April 10, and the system will not accept new NOIs during the state of emergency period, effectively preventing the initiation of residential foreclosures. The announcement noted that the system will remain functional until the April 10 suspension deadline to accommodate NOIs submitted prior to Governor Hogan’s April 3 executive order calling for a moratorium on residential foreclosures in response to the Covid-19 crisis.