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Statutes Text

Article - Housing and Community Development


    (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.