Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-121
Terms Used In Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-121
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) “Homeowner” means:
(i) A record owner of residential property that is owner-occupied at the time the alleged violation of § 13-301 of the Commercial Law Article or other State law occurred; or
(ii) An individual who occupies residential property under a use and possession order issued under Title 8, Subtitle 2 of the Family Law Article.
(3) “Mortgage servicer” has the meaning stated in § 11-501 of the Financial Institutions Article.
(4) “Residential property” has the meaning stated in § 7-105.1 of the Real Property Article.
(5) “Unfair, abusive, or deceptive trade practice” has the meaning stated in § 13-301 of the Commercial Law Article.
(b) This section applies only to claims relating to residential property.
(c) An action filed by a homeowner against a mortgage servicer for damages arising out of an unfair, abusive, or deceptive trade practice shall be filed within the earlier of:
(1) 5 years after a foreclosure sale of the residential property; or
(2) If the mortgage servicer discloses its unfair, abusive, or deceptive trade practice to the homeowner, 3 years after the disclosure to the homeowner.