Md. Code Regs. 05.06.07.08

Current through Register Vol. 51, No. 22, November 1, 2024

Section 05.06.07.08 - Power of the Department

A. The Department may:

(1) Assign a mortgage for value;

(2) Release a mortgage;

(3) Foreclose a mortgage;

(4) Acquire property securing a loan in default;

(5) Encumber, sell, or otherwise dispose of property acquired in connection with a loan in default; or

(6) Obtain and seek enforcement of a deficiency judgment.

B. In the event of default, as provided in the loan documents, or in the event of a prospective default, the Department, in its sole discretion, may:

(1) Modify the rate of interest;

(2) Modify the time or amount of payment;

(3) Modify the term of the loan;

(4) Modify the loan in any other way in order to promote repayment of the loan and achieve the purpose of the Program; or

(5) Accelerate the loan and foreclose on the deed of trust, or accept a deed in lieu of foreclosure.

Md. Code Regs. 05.06.07.08