§ 4–805
Statutes in effect as of October 1, 2026.
Md. Code Ann., Hous. & Cmty. Dev. § 4-805 (2026)
Title 4. Division of Development Finance
Subtitle 8. Maryland Home Financing Program
§ 4–805LinkCopy Citation
The Department may:
(1)
contract for services related to the Program;
(2)
contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel;
(3)
require payment of a nonrefundable application fee;
(4)
purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements of this subtitle, any regulations adopted under it, and appropriate Program directives; and
(5)
without approval or execution by the Board of Public Works:
(i)
assign a mortgage for value;
(ii)
release a mortgage;
(iii)
foreclose a mortgage;
(iv)
acquire property that secures a loan in default;
(v)
encumber, sell, or otherwise dispose of property acquired in connection with a loan in default;
(vi)
sell a loan at a discount or on other terms acceptable to the Department;
(vii)
transfer to the Fund money received on the sale of a loan under item (vi) of this item; and
(viii)
repurchase or pay the cost of servicing a loan that has been sold under item (vi) of this item with money in the Fund and on terms acceptable to the Department.