Section 4-241 - Assignment and assumption of residential mortgage loans. - Maryland Statutes

§ 4-241. Assignment and assumption of residential mortgage loans.
 

Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is: 

(1) a new loan that the Administration purchases or in which the Administration purchases an interest; 

(2) a loan made with the proceeds of purchase by the Administration of a residential mortgage; or 

(3) a loan made with the proceeds of a loan from the Administration to a mortgage lender. 
 

[An. Code 1957, art. 83B, § 2-208(h); 2005, ch. 26, § 2.]