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Financial Services Law Insights and Observations

Maryland extends restrictions on repossessions and residential foreclosures

State Issues Covid-19 Maryland Repossession Auto Finance Mortgages Foreclosure CARES Act

State Issues

On December 17, 2020, the governor of Maryland issued an executive order that further prohibits certain repossessions, suspends foreclosures of occupied residential property absent adherence to specific procedural protections, including those provided by the federal CARES Act.  The foreclosure suspension is in effect until the “re-start date,” which is either (1) January 31, 2021, or (2) such later date as established by the commissioner of financial regulation, not to be more than 30 days after the state of emergency is terminated.

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