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.
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