How to Buy Maryland Foreclosures

The State of Maryland chiefly pursues a judicial system of mortgage foreclosure. Once the property owner is served with the notice of default, it would take more than three months before the public auction of foreclosure sale can take place.

Waiting till the foreclosure property becomes a Real Estate Owned is not recommended because it would generally sell for more than it would have during preforeclosure.

If a property in foreclosure sells for lesser than the amount that is remaining on the primary mortgage at the public foreclosure auction sale, a deficiency statement is usually not presented to the lender.