§ 4–226
Statutes in effect as of October 1, 2026.
Md. Code Ann., Hous. & Cmty. Dev. § 4-226 (2026)
Title 4. Division of Development Finance
Subtitle 2. Community Development Administration
§ 4–226LinkCopy Citation
(a)
(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.
(b)
(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.
(c)
(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.