(a) If a recipient of a loan under this subtitle violates any provision of the loan documents or ceases to meet the requirements of this subtitle, the Department may, on reasonable notice to the loan recipient:
- (1) withhold further advances of loan proceeds until the loan recipient complies with the agreement or requirements; or
- (2) exercise any other remedy provided in the loan documents.
(b)
- (1) If a loan made under this subtitle is in default, the Department may foreclose on a mortgage or deed of trust held as security for the loan in the manner provided under the Maryland Rules for foreclosures in private transactions.
- (2) The Department may take title in the Department's name to any property foreclosed and convey title to a bona fide purchaser.
Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.