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Office of the Commissioner of Financial Regulation

 

Advisory Notice

 

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June 10, 2011

HOUSE BILL 728
RESIDENTIAL - PROPERTY FORECLOSURE -
REQUIRED DOCUMENTS - TIMING OF MEDIATION

This bill, which was signed into law by Governor O'Malley and became effective on June 1st, makes certain changes in the documentation required for notification of the intent to foreclose owner-occupied residential property as well as adjustments to the foreclosure mediation process. The law provides that the order to docket and the complaint to foreclose forms that are currently being used may continue to be used until the Commissioner of Financial Regulation replaces them through the adoption of new forms in regulation.

However, it is important to note that the changes in the time periods in the foreclosure mediation process became effective on June 1st. The homeowner now has 25 days, instead of 15 days, after delivery or mailing of the final loss mitigation affidavit to file with the court a completed request for foreclosure mediation. The Office of Administrative Hearings may extend the time for completing the foreclosure mediation beyond the current 30-day limit if all the parties agree. The time for filing with the court the report of the Office of Administrative Hearings regarding the outcome of the mediation has been extended from 5 days to 7 days after the mediation is held.

Because the currently approved forms contain timelines that include the shorter time periods, the Commissioner recommends that an addendum be attached to notices mailed after June 1st advising the homeowners of the additional time period for filing the foreclosure mediation request.