(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.
Structure Maryland Statutes
Housing and Community Development
Division I - Housing and Community Programs
Title 4 - Division of Development Finance
Subtitle 9 - Maryland Housing Rehabilitation Program
Section 4-902 - Scope of Subtitle
Section 4-905 - Units in Program
Section 4-906 - Operation of Program; Types of Program Loans
Section 4-907 - Money for Operations; Reallocations
Section 4-908 - Powers of Department -- Program Loans in General
Section 4-909 - Powers of Department -- Program Loans Secured by Mortgages
Section 4-909.1 - Powers of Department -- Program Loans Secured by Cooperative Interest
Section 4-911 - Allocation of Money for Program Loans Under Regular Rehabilitation Program
Section 4-912 - Money to Annuity Bond Fund
Section 4-913 - Information on Program Loans Required in Appropriation Request
Section 4-914 - Administration of County Rehabilitation Programs
Section 4-915 - Family of Limited Income
Section 4-916 - Program Loans for Affordable Housing -- in General
Section 4-917 - Program Loans for Affordable Housing -- Conditions
Section 4-918 - Program Loans for Affordable Housing -- Dwellings
Section 4-919 - Program Loans for Affordable Housing -- Private Financing Standards
Section 4-920 - Loan Ceiling for Nonresidential Rehabilitation
Section 4-921 - Financing of Rehabilitation Loans
Section 4-922 - Federal Programs and Other Sources for Grants and Loans