What is meant by 'foreclosure by advertisement' in Maryland?

'Foreclosure by advertisement' in Maryland refers to a specific method of foreclosure that allows lenders to carry out the sale of a property at a public auction after providing proper notice to the borrower and the public. This process is distinct because it does not require the lender to obtain court approval prior to the sale, streamlining the process and often leading to a quicker resolution for both the lender and the borrower.

During foreclosure by advertisement, the lender must adhere to strict legal requirements, including publishing a notice of the foreclosure in a designated newspaper for a certain period. This ensures transparency and allows interested parties an opportunity to partake in the auction process. The property is then sold to the highest bidder, typically at a public auction conducted at the location of the property.

The other options describe different scenarios that do not align with the definition of foreclosure by advertisement. For example, some options imply court involvement or public hearings, which are not necessary in this specific type of foreclosure, while others refer to unrelated types of financial issues like unpaid utility bills. Thus, the ability to conduct a public auction after meeting the notice requirements is the key characteristic that defines foreclosure by advertisement in Maryland.