Maryland contemplates foreclosure sale timeline
Monday, February 20, 2012
The General Assembly of Maryland is contemplating a bill that, if passed would require a purchaser in a foreclosure sale to close within a certain time period, as well as record the deed transferring title to the property within a certain amount of time.
Under HB 508, introduced by Dels. Anne Healey, D-Prince George’s County and H. Wayne Norman Jr., R-Harford County, within 60 days after the entry of a final order ratifying a sale in an action to foreclose a mortgage or deed of trust, the purchaser at the foreclosure sale would have to close on the transaction.
The purchaser would also need to record a deed transferring title to the property to himself or herself within that 60-day period.
If passed, the bill would go into effect on Oct. 1.
Today's other top stories
This article has been viewed 560
COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Be the first to leave a comment.