1 The Office of the Commissioner of Financial Regulation Maryland’s Foreclosed Property Registry

2 Maryland Foreclosure Task Force Recommendation- Create 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. Background

3 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 House Bill 1373 Registry

4 istry/web/content/Home.aspx Registry

5 Process Register as a user Initial Registration Final Registration

6 Initial Registration Timing and Information Within 30 days of the purchase, the purchaser must register the following information: 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

7 Initial Registration (cont.) To the best of the foreclosure purchaser’s knowledge at the time of registration: –Whether the purchased property is vacant –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.

8 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.

9 Local Jurisdictions Enforcement authority 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. Conference call soon to discuss timeline Future calls to train users on the system

10 Contact information Cara Stretch Director of Foreclosure Administration Phone: