Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 12-405
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Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 12-405
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
This subtitle does not limit the power of an authority to vest in an obligee the right, if the authority defaults, to:
(1) take possession of a housing project;
(2) have a receiver of a housing project appointed; or
(3) acquire title to a housing project, through foreclosure or otherwise, free from all restrictions of this subtitle.