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Here's how Maryland's new executive order can protect you financially

A new executive order from Gov. Larry Hogan aims at providing financial relief for Marylanders impacted by coronavirus. Here's a breakdown.

ANNAPOLIS, Md. — Maryland Gov. Larry Hogan offered a variety of financial protections aimed at helping Marylanders impacted by coronavirus on Friday, with new restrictions on evictions and foreclosures as well as repossessions. 

The executive order prohibits mortgage lenders from initiating foreclosures and also prevents lenders from imposing late fees on mortgages for 90 days.

Nearly 70 of Maryland banks and financial institutions have agreed to provide a 90-day forbearance and deferral period on mortgages, Hogan said in a Friday news conference.

During the 90-day period, Marylanders won't be charged late fees and no negative reporting will be sent to credit bureaus. Those who need relief are asked to contact their lenders to take advantage of the program.

Beyond deferral and forgiveness options, the executive order also prevents cars, trucks and mobile homes from being repossessed.

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"We're going to continue to do everything that we possibly can to help get Marylanders through this," Hogan said on April 4.

When talking about the sacrifices many in Maryland are making, Hogan was emotional.

"We simply don't know just how bad things are going to get, or exactly how long this is going to last," Hogan said. "Winston Churchill once said, 'If you're going through hell, keep going.' And that is exactly what we are going to have to do."

RELATED: MD coronavirus update: Half of almost 2800 cases are those under 50, executive order prohibits debt collection & foreclosure

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