Md. Code, Hous. & Cmty. Dev. § 4-805

Current with changes from the 2024 Legislative Session

Section 4-805 - Powers of Department

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.

Md. Code, HU § 4-805