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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) If a Program loan is secured by a mortgage, the Department may:
(1) enforce the mortgage;
(2) foreclose on the mortgage and take title to the mortgaged property or take deed in lieu of foreclosure;
(3) convey title to a purchaser;
(4) obtain and enforce a deficiency judgment;
(5) allow assumption of the mortgage; and
(6) contract with a private mortgage servicer to perform on behalf of the Department any functions a servicer ordinarily performs.
(b) Without approval or execution by the Board of Public Works, the Department may:
(1) assign a mortgage for value; or
(2) convey property after acquisition.
Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 4-410 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-4-410/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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