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Financial Services Law Insights and Observations

Maryland issues new executive order regarding foreclosures and repossessions

State Issues Covid-19 Maryland Mortgages Foreclosure Auto Finance Repossession

State Issues

On October 16, 2020, the Maryland governor issued Executive Order 20-10-16-01 to amend and restate an April 3 executive order regarding foreclosures and repossessions (previously covered here). The executive order, among other things: (i) suspends requirements regarding the repossession of any chattel home by self-help until the state of emergency is terminated; (ii) suspends the sale of certain properties unless certain notices are provided, (iii) suspends the operation of the commissioner’s Notice of Intent to Foreclose Electronic System, and discontinues acceptance of Notices of Intent to Foreclose until January 4, 2021, and (iv) suspends any judgment for possession or repossession, or warrant for restitution of possession or repossession of residential, commercial, or industrial real property, if the tenant can demonstrate that he/she suffered a substantial loss of income resulting from Covid-19 or related events. Maryland’s commissioner of financial regulation issued a Foreclosure Update and Repossession Update outlining the executive order.

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