Maryland Real Estate - Chapter 30

what is marylands title called

a title theory state

who holds title in a title theory state

the lendor holds legal naked title

what conversion of property does maryland use

deeds of trust and mortgages

what is a potomac mortgage

a deed of trust

what does a potomac deed have

a power of sale clause which means if borrower defaults the trustee can sell, without court action, to be sold in public auction

what happens if a borrower defaults in a regular mortgage

the lender can request a court order to do a public auction, and they can be filed with the court within 3 years but not on an FHA or VA loan

what is the protective homeowners in foreclosure act

forbids mortgage fraud, if known misrepresentations are present, receiving funds for them, conspiring to do so, or filing misrepresentations

what are the violation charges for a protective homeowners in foreclosue act

$5k and 1 year inprisonment

$15k, 15 year if vulnerable adult

$100k, 20 year if pattern

what must always be on a mortgage

the originators name and the lenders info

when can a forcelosure be done

90 days after delinquency or 45 days after a court filing has been done

can foreclosures on vacant or abandoned land be expedited

yes

what is a big lie by scammers in foreclosures

foreclosure rescues

what is a short sale

sale price agreed upon for less than what is owed to the lender

what is the credit services businesses act

anyone giving credit advice must be licensed with commissioner to financial regulation

what is the MD protection of homeowners in foreclosure act

any buyer buying a home where seller is 60 days default has 5 day cancellation once under contract

what is the interest cap on a first mortgage

there is none

what is the interest cap on a second mortgage

24%

when can a prepayment penalty be applied

if the loan is paid off in the first 3 years

what percentage of interest must a lender pay into the escrow account

3%

do lenders still pay interest into escrow accounts they have sold

yes

what do buyers get when they have fully paid off their mortgage

satisfaction of mortgage or deed of release

is it the responsibility of borrower to make sure the satisfaction has been recorded

yes

what must be recorded for a home to be forclosed on

the mortgage or deed of trust

can a lender purchase homes they are foreclosing on

yes

if a property has a tenant that is being foreclosed on, how many days notice must they be given

90 days