Business, Health, Politics

Governor Hogan prohibits mortgage lenders from initiating foreclosure process during COVID-19 pandemic

UPDATE: Click here for a full summary and video from Governor Hogan’s Friday press conference.

Original story below…

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ANNAPOLIS, MD—Governor Larry Hogan held a press conference on Friday afternoon outlining additional steps the state of Maryland would take to assist Maryland residents during the coronavirus pandemic.

Governor Hogan is issuing an emergency order to provide additional and immediate financial relief for Marylanders facing economic hardship due to COVID-19.

The governor’s order prohibits mortgage lenders from initiating the foreclosure process. Nearly 70 of the state’s banks and financial institutions have agreed to a program to provide a 90-day period of forbearance and deferral on mortgages.

During this period, no late fees will be charged and there will be no negative reporting to credit bureaus. You must contact your financial services provider to take advantage of this relief.

The governor’s emergency order also prohibits commercial and industrial evictions, expanding previous order banning residential evictions.

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The order also prohibits repossessions of cars, trucks, and mobile homes.

Governor Hogan is also directing that the Maryland Commissioner of Financial Regulation suspend certain lending limits for Maryland banks on a case-by-case basis. This will make more credit available for small businesses.

State executive agencies will suspend all debt collection activities during the state of emergency.

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