Transcript AARMR/CSBS Uniform Application Project

The Office of the Commissioner of
Financial Regulation
Maryland’s Foreclosed Property
Registry
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Background
Maryland Foreclosure Task Force
RecommendationCreate a centralized Foreclosed Property Registry
Legislation:
To allow government officials to better locate parties about
the condition of foreclosed properties during the “limbo
period” between a foreclosure auction and the ultimate
recordation of the property deed.
Create a simple central resource by which State and local
governments have timely access to contact information for
reaching the purchasers of foreclosed properties after a
property auction.
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Registry
House Bill 1373
• Passed during last legislative session
• Maryland’s Office of the Commissioner of
Financial Regulation responsible for
creating and implementing
• Became active and available for use on
October 1st
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Registry
https://www.dllr.state.md.us/ForeclosureRegi
stry/web/content/Home.aspx
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Process
Register as a user
Initial Registration
Final Registration
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Initial Registration
Timing and Information
Within 30 days of the purchase, the purchaser must register the following
information:
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The name, telephone number and address of purchaser
The street address of the property purchased in the foreclosure sale
The date of the foreclosure sale
Whether the property is a single-family or multi-family property
The name and address of the person, including a substitute purchaser,
who is authorized to accept legal service for the foreclosure purchaser
• Whether the foreclosure purchaser has possession of the property
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Initial Registration (cont.)
To the best of the foreclosure purchaser’s knowledge at the time of registration:
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Whether the purchased property is vacant
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The name, telephone number and street address of the person who
is responsible for the maintenance of the property
Registration Number: After the property is registered, the purchaser will
receive a property ID # which will be required to submit the final
registration below.
Fee: There is a fee of $50 for on-time initial registration and $100 for the
initial registration filed after the time period required. Pay pal will be
used for payment.
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Final Registration
Timing and Information
Within 30 days of the deed being recorded, the original purchaser must register
the following information:
• The name, telephone number and address of the owner on the deed
• The date of the ratification of the sale
• The date the deed was recorded
A subsequent purchaser may not submit this information.
Fee: There is no fee for the final registration.
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Local Jurisdictions
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Enforcement authority
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Once the system is set up for reporting to
the local jurisdictions, users will register
and will have access to all the data in
their county or town.
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Conference call soon to discuss timeline
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Future calls to train users on the system
Contact information
Cara Stretch
Director of Foreclosure Administration
Phone: 410-230-6099
Email: [email protected]
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