Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-909.1
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-909.1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
(1) foreclose on the security interest or otherwise enforce the security interest as permitted under Title 9 of the Commercial Law Article;
(2) take possession of the premises in lieu of foreclosure;
(3) obtain and enforce deficiency judgments;
(4) transfer the cooperative interest;
(5) allow assumption of the security agreement; and
(6) contract with private loan servicers to perform on behalf of the Department any functions the private loan servicers ordinarily perform.
(b) Without approval or execution by the Board of Public Works, the Department may:
(1) assign a security interest for value;
(2) release a security interest when paid;
(3) foreclose on a security interest;
(4) take possession of the premises in lieu of foreclosure; or
(5) transfer a cooperative interest after acquisition.