Foreclosure Data Tracker - Financial Regulation

A Notice of Intent to Foreclose, or NOI, is a written notice that a lender or loan servicer is required to mail to a borrower when the lender or servicer intends to start the foreclosure process. NOI’s are sent after the borrower missed one or more mortgage payments or commits another contractual default. The NOI notifies the borrower that they are in default and, unless they act to resolve the default, a foreclosure action could be filed in court in as little as 45 days. Maryland law requires the lender or servicer to electronically submit a copy of the NOI data to OCFR within 5 business days of mailing to the borrower. [See Real Property §7-105.1(c) and COMAR 09.03.12.02.]

The NOI numbers can be an indicator of the number of mortgage defaults in Maryland. Most borrowers who receive an NOI do not end up in foreclosure because they are able to reach a resolution with their lender or servicer, or otherwise catch up on missed payments.

NOTE: Pursuant to Governor Hogan’s executive order and subsequent regulatory guidance issued by OCFR, the NOI reporting system was closed April 2020 through June 30, 2021.

A Notice of Foreclosure, or NOF, is an electronic registration submitted to OCFR within 7 days of the initial court filing that starts the legal foreclosure process, by the party authorized to foreclose. The NOF contains information used primarily by local governments for nuisance abatement. (Normally an NOI must be issued at least 45 days before the court filing that precedes the NOF, unless certain criteria are met.) [See Real Property §7-105.2.]

The number of NOF registrations can indicate the number of legal foreclosure actions started in Maryland. Not every property with an NOF will be foreclosed upon; for example, a foreclosure may be dismissed if the borrower is able to reach an agreement with their lender or servicer.

NOTE: Per Maryland Court of Appeals Chief Judge Barbera’s June 3rd administrative order, foreclosure actions filed in court, including the filings which precede NOFs, were stayed until July 25, 2020.