Baltimore, MD asked in Real Estate Law for Maryland

Q: I would like to know more about the eschete laws in maryland as it pertains to foreclosed real property

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1 Lawyer Answer
Cedulie Renee Laumann
Cedulie Renee Laumann
Answered
  • Crownsville, MD
  • Licensed in Maryland

A: Generally foreclosed real estate does not escheat to the state. Instead, it belongs to whomever purchased at the foreclosure sale.

For mortgage foreclosures, if no one else bid at the foreclosure auction (for a mortgage foreclosure) the Lender will win the auction. The law requires that a "report of sale" be filed with the court after the foreclosure sale. Thereafter, a deed should be filed signing over the property to the new owner (whether the Lender or a third party purchaser).

For tax sale foreclosures, most counties hold an annual tax sale for properties with unpaid tax bills. For example, a county may hold in May or June an auction for real property with outstanding tax bills unpaid for the prior tax year. Members of the public bid at tax sale foreclosure auctions and the highest bidder "wins" the tax sale certificate. If no one bids, the county will hold the certificate. For most properties, the certificate holder must wait 6 months after the tax sale, then they can file to foreclose the right of redemption and fully own the property.

Maryland has a system for reporting unclaimed / abandoned personal property, but it does not include real property.

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