1. A. The Department may:

   1. (1) Assign a mortgage for value;
   2. (2) Release a mortgage;
   3. (3) Foreclose a mortgage;
   4. (4) Acquire property securing a loan in default;
   5. (5) Encumber, sell, or otherwise dispose of property acquired in connection with a loan in default; or
   6. (6) Obtain and seek enforcement of a deficiency judgment.

2. 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. (1) Modify the rate of interest;
   2. (2) Modify the time or amount of payment;
   3. (3) Modify the term of the loan;
   4. (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. (5) Accelerate the loan and foreclose on the deed of trust, or accept a deed in lieu of foreclosure.

Authority: Housing and Community Development Article,§§3-205, 4-805, and 4-909, Annotated Code of Maryland; Executive Order 01.01.1992.27C

Effective date: October 30, 2000 (27:21 Md. R. 1974)