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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) If Program loans are secured by first or junior mortgages, the Department may:
(1) enforce the mortgages;
(2) foreclose on the mortgages and take title to the mortgaged properties, or take deeds in lieu of foreclosure;
(3) convey title to purchasers;
(4) obtain and enforce deficiency judgments;
(5) allow assumption of mortgages; and
(6) contract with private mortgage servicers to perform on behalf of the Department any functions the servicers ordinarily perform.
(b) Without approval or execution by the Board of Public Works, the Department may:
(1) assign mortgages for value;
(2) release mortgages when paid;
(3) foreclose on mortgages;
(4) take deeds in lieu of foreclosure; or
(5) convey property after acquisition.
Cite this article: FindLaw.com - Maryland Code, Housing and Community Development § 4-909 - last updated January 01, 2025 | https://codes.findlaw.com/md/housing-and-community-development/md-code-hous-and-cmty-dev-sect-4-909/
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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