1. (a)

   1. (1) In connection with property on which it holds a mortgage, the Administration may:

      1. (i) foreclose on the property;
      2. (ii) begin an action to protect or enforce a right conferred on the Administration by law or any agreement;
      3. (iii) bid for and purchase the property at a foreclosure or other sale; and
      4. (iv) acquire and take possession of the property.

   2. (2) In an action under this subsection, the Administration may:

      1. (i) complete, administer, and pay the principal of and interest on an obligation incurred in connection with the property; and
      2. (ii) dispose of and otherwise deal with the property, so as to protect the interests of the Administration.

2. (b)

   1. (1) This subsection does not apply to a lien held in connection with a public purpose project.

   2. (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:

      1. (i) a lien for taxes owed to the State or a political subdivision; or
      2. (ii) an earlier mortgage lien.

3. (c)

   1. (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. (2) The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2008, c. 528, § 1, eff. July 1, 2008; Acts 2020, c. 628, § 1, eff. May 8, 2020.