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Maryland Foreclosure Information

SB 761 - Real Property - Foreclosure - Protection of Homeowners

Regulating foreclosure consultants, foreclosure purchasers, and foreclosure surplus purchasers; prohibiting specified practices; specifying the form and contents of specified contracts and documents; providing that a homeowner has the right to rescind specified contracts and documents within a specified time; providing penalties for violations of the Act; requiring a written notice of a foreclosure sale to contain a specified statement; etc.
RP, Sections 7-105(a-1) and (h) and 7-301 through 7-321-added and CL, Section 13-204(12) and (13)-amended and Section 13-204(14)-added

Real Property -Foreclosure -Protection of Homeowners

This emergency bill (1) requires a person authorized to make a foreclosure sale to include
a statement encouraging the record owner to be informed about options in foreclosure;
and (2) regulates the activities of foreclosure consultants, foreclosure purchasers, and
foreclosure surplus purchasers.

SB 761

Bill Summary: In addition to any other right under law to cancel or rescind a contract,
the bill grants a homeowner the right to: (1) rescind a foreclosure consulting contract at
any time; and (2) rescind a foreclosure reconveyance at any time before midnight on the
third business day after any conveyance or transfer of legal or equitable title to a
residence in foreclosure. Rescission occurs when the homeowner gives written notice to
the foreclosure consultant as prescribed under the bill. The notice is effective if it
indicates the intention of the homeowner to rescind the foreclosure consulting contract or
foreclosure reconveyance.

Information was provided by the state of Maryland Website

Maryland Legislation has passed SB-761 in May 2005 to control the actions and ethical standards of Real Estate Investors in the State of Maryland as it pertains to the Pre-Foreclosure Market.

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