§ 4-226. Financing procedures -- Powers of Administration

MD House & Comm Dev Code § 4-226 (2019) (N/A)

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(a) (1) In connection with property on which it holds a mortgage, the Administration may:

(i) foreclose on the property;

(ii) begin an action to protect or enforce a right conferred on the Administration by law, or any agreement;

(iii) bid for and purchase the property at a foreclosure or other sale; and

(iv) acquire and take possession of the property.

(2) In an action under this subsection, the Administration may:

(i) complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and

(ii) dispose of and otherwise deal with the property, so as to protect the interests of the Administration.

(b) (1) This subsection does not apply to a lien held in connection with a public purpose project.

(2) The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:

(i) a lien for taxes owed to the State or a political subdivision; or

(ii) an earlier mortgage lien.

(c) (1) At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.

(2) The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.

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§ 4-225. Financing procedures -- In general

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