2013 Maryland Code
HOUSING AND COMMUNITY DEVELOPMENT
§ 4-909 - Powers of Department -- Program loans secured by mortgages

§4-909.

(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.

§ 4-909 - 1. Powers of Department -- Program loans secured by cooperative interest

(a) In general. -- If a Program loan to a member of a cooperative housing corporation is secured by a security interest in the member's cooperative interest, the Department may:

(1) foreclose on the security interest or otherwise enforce the security interest as permitted under Title 9 of the Commercial Law Article;

(2) take possession of the premises in lieu of foreclosure;

(3) obtain and enforce deficiency judgments;

(4) transfer the cooperative interest;

(5) allow assumption of the security agreement; and

(6) contract with private loan servicers to perform on behalf of the Department any functions the private loan servicers ordinarily perform.

(b) Board of Public Works approval or execution not required. -- Without approval or execution by the Board of Public Works, the Department may:

(1) assign a security interest for value;

(2) release a security interest when paid;

(3) foreclose on a security interest;

(4) take possession of the premises in lieu of foreclosure; or

(5) transfer a cooperative interest after acquisition.