Explainer: How NOIs work
Thursday, July 21st, 2011
In Maryland, a Notice of Intent to Foreclose is the first step in the formal foreclosure process.
As soon as 45 days after a borrower misses a mortgage payment, the lender can send a notice to a borrower, initiating the foreclosure process.
Often, though, borrowers can be in default for months, or years, before the notice of intent to foreclose is filed.
The next step is the filing of a foreclosure action in the circuit court, at least 45 days after the original notice is sent. But as with the initial notice, the timeline is up to the lender, which can choose to file as soon as the 45-day clock runs out, or any time after that. Once the foreclosure action is filed, the homeowner has 25 days to request mediation.