Section 4-909 - Powers of Department - Program loans secured by mortgages.
§ 4-909. Powers of Department - Program loans secured by mortgages.
(a) In general.- If Program loans are secured by first or junior mortgages, the Department may:
(1) enforce the mortgages;
(2) foreclose on the mortgages and take title to the mortgaged properties, or take deeds in lieu of foreclosure;
(3) convey title to purchasers;
(4) obtain and enforce deficiency judgments;
(5) allow assumption of mortgages; and
(6) contract with private mortgage servicers to perform on behalf of the Department any functions the servicers ordinarily perform.
(b) Board of Public Works approval or execution not required.- Without approval or execution by the Board of Public Works, the Department may:
(1) assign mortgages for value;
(2) release mortgages when paid;
(3) foreclose on mortgages;
(4) take deeds in lieu of foreclosure; or
(5) convey property after acquisition.
[An. Code 1957, art. 83B, § 2-311(1); 2005, ch. 26, § 2.]