1. (a) If a Program loan is secured by a mortgage, the Department may:

   1. (1) enforce the mortgage;
   2. (2) foreclose on the mortgage and take title to the mortgaged property or take deed in lieu of foreclosure;
   3. (3) convey title to a purchaser;
   4. (4) obtain and enforce a deficiency judgment;
   5. (5) allow assumption of the mortgage; and
   6. (6) contract with a private mortgage servicer to perform on behalf of the Department any functions a servicer ordinarily performs.

2. (b) Without approval or execution by the Board of Public Works, the Department may:

   1. (1) assign a mortgage for value; or
   2. (2) convey property after acquisition.

Added by Acts 2014, c. 229, § 2, eff. July 1, 2014.