Maryland Gov. Larry Hogan issued an order Friday prohibiting foreclosures on homes during the coronavirus pandemic.
The order does not relieve borrowers from their obligation to pay back their mortgages, but it does prevent people from losing their homes for the time being.
Speaking during a State House news conference in Annapolis, Hogan said that more than 70 mortgage companies, banks, credit unions and other lenders have agreed “to provide additional flexibility to borrowers,” such as 90 days’ worth of deferrals on mortgage payments without late fees.
Hogan previously ordered landlords not to evict any residential tenants during the state of emergency due to the worldwide coronavirus outbreak. On Friday, he extended that no-eviction order to cover commercial and industrial properties, as well.
He also barred lenders from repossessing cars, trucks or mobile homes, and announced that state agencies would halt all of their attempts at debt collection.
“We’re going to continue to do everything we possibly can to help Marylanders get through this,” said Hogan, a Republican.
Utilities such as electric, gas, phone and internet services already are prohibited from shutting off service.
Hogan also authorized the state’s commissioner of financial regulation to suspend limits on how much money banks can lend customers, in hopes of making it easier for businesses to obtain loans.