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Learning Center | How to Buy Maryland Foreclosures

How to Buy Maryland Foreclosures
Overview
Basic Steps to Purchasing Preforeclosures
Basic Steps to Purchasing Property at an Auction Sale

Answers
 

Overview

In Maryland, the primary method ofmortgageforeclosure isjudicial. Because of this, it could take three (3) months or more from the time a property owner receives anotice of default until the property is sold at apublic foreclosure auction sale. Accordingly, don’t wait until the property becomesReal Estate Owned (REO) after the auction because the property will cost more than it would inpreforeclosure.

Adeficiency judgment is not generally available to a lender if a property inforeclosure is sold at apublic foreclosure auction sale for less than the loan amount that the underlying mortgage secures.


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