Maryland Statutes
Subtitle 4 - Rental Housing Program
Section 4-410 - Program Loans Secured by Mortgage

(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.

Structure Maryland Statutes