What is Foreclosure?
Foreclosure is the lenders way of gaining possession of mortgaged property and/or land after the borrower DEFAULTS on their loan. Foreclosure is the process in which a lender begins proceedings against real property in an effort to recover secured money loaned to the borrower.
The goal of a foreclosure is to fully satisfy the debt obligation of a borrower by selling or taking ownership of property that is secured by a loan.
All foreclosures are not governed by the judicial system, but in Maryland, foreclosures are considered quasi judicial. Quasi judicial simply means that while part of the process involves the court, part of it does not. While a foreclosure must be docketed or filed in Circuit Court, homeowners do not get a chance to appear at a court hearing to determine whether or not a lender can foreclose upon them. The foreclosure process starts when a homeowner defaults.
Foreclosure 101 