Maryland Code, REAL PROPERTY 7-105.10
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, REAL PROPERTY 7-105.10
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The entry of an order for resale on default by a purchaser at a sale under §§ 7-105 through 7-105.9 of this subtitle and Title 14 of the Maryland Rules:
(1) Does not affect the prior ratification of the sale and does not restore to the mortgagor or former record owner any right or remedy that was extinguished by the prior sale and its ratification; and
(2) Extinguishes all interest of the defaulting purchaser in the real property being foreclosed and in the proceeds of the resale.