Maryland Code, ECONOMIC DEVELOPMENT 5-208
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Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 5-208
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) If a recipient of a loan under this subtitle violates any provision of the loan documents or ceases to meet the requirements of this subtitle, the Department may, on reasonable notice to the loan recipient:
(1) withhold further advances of loan proceeds until the loan recipient complies with the agreement or requirements; or
(2) exercise any other remedy provided in the loan documents.
(b) (1) If a loan made under this subtitle is in default, the Department may foreclose on a mortgage or deed of trust held as security for the loan in the manner provided under the Maryland Rules for foreclosures in private transactions.
(2) The Department may take title in the Department’s name to any property foreclosed and convey title to a bona fide purchaser.