MARYLAND INVESTORS - Pre foreclosure laws

[Mike Goikhberg]

Any experienced investors from the maryland area care to weigh in on the issue of marketing to pre-foreclosures in baltimore? I read the regulations stating that you must be a certified foreclosure consultant if you are goign to be doing ANY dealings with the bank on behalf of the homeowner. However, an experienced developer/investor I spoke with at one meet up was not aware of any issues with marketing to these individuals. Also, what exactly does it take to get the "foreclosure consultant" cert??

[Ned Carey]

@Mike Goikhberg if you are a foreclosure consultant you cannot buy the property yourself. Basically MD has made it illegal to buy a property from a homeowner in pre foreclosure, Unless you buy it through an agent.

This was a poorly written law. It was pushed through for political reasons. It is deliberately vague so that it can be used in a discriminatory way. Any investor in MD would be wise to avoid pre-foreclosure properties that are not listed properties.