MARYLAND — Today, the moratorium on new residential foreclosures has been extended through June 30, 2021.
The moratorium was set to expire on May 3, 2021. The new extension date aligns with the expiration of the federal foreclosure moratorium.
“Our department’s Office of Financial Regulation has further extended the moratorium on new residential foreclosures through the end of June to keep Marylanders in their homes as we emerge from this pandemic,” said Labor Secretary Tiffany P. Robinson. “This extension of the moratorium provides homeowners facing financial hardships with additional time to consult with their mortgage lender to find solutions and resume making payments in order to avoid foreclosure.”
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.
“Our Office continues to monitor economic and mortgage delinquency trends in the state, the status of the virus, and governmental and public health responses,” said Commissioner Salazar. “Many factors that we monitor are moving in the right direction. Continuing the prohibition on new foreclosures is consistent with the current status of those factors and with our Office’s consumer protection focus. An extension of the moratorium gives Maryland homeowners that remain financially impacted by the pandemic an opportunity to get back on their feet.”
Homeowners should contact the company where they send their monthly payments to request assistance. Companies are offering loan forbearance and other temporary payment relief. Homeowners can also call the Maryland HOPE hotline at 1-877-462-7555 for a referral to a nonprofit housing advocate.
Mortgage relief and foreclosure prevention can be found by visiting the department’s website.