§ 4-226
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/md/housing-and-community-development/4-226A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–226.
(1)In connection with property on which it holds a mortgage, the Administration may:
(i)foreclose on the property;
(ii)begin an action to protect or enforce a right conferred on the Administration by law or any agreement;
(iii)bid for and purchase the property at a foreclosure or other sale; and
(iv)acquire and take possession of the property.
(2)In an action under this subsection, the Administration may:
(i)complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and
(ii)dispose of and otherwise deal with the property, so as to protect the interests of the Administration.
(1)This subsection does not apply to a lien held in connection with a public purpose project.
(2)The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:
(i)a lien for taxes owed to the State or a political subdivision; or
(ii)an earlier mortgage lien.
(1)At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.
(2)The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.