Maryland Code, REAL PROPERTY 7-302
Terms Used In Maryland Code, REAL PROPERTY 7-302
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Grantor: The person who establishes a trust and places property into it.
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) An individual admitted to practice law in the State, while performing any activity related to the individual’s regular practice of law in the State;
(2) A person who holds or services a mortgage loan secured by a residence in default while the person performs servicing, collection, and loss mitigation activities in regard to that mortgage loan, provided the mortgage loan did not arise as a result of a foreclosure consulting contract;
(3) (i) A person doing business under any law of this State or the United States regulating banks, trust companies, savings and loan associations, credit unions, or insurance companies, while the person performs services as a part of the person’s normal business activities; and
(ii) Any subsidiary, affiliate, or agent of a person described in item (i) of this item, while the subsidiary, affiliate, or agent performs services as a part of the subsidiary’s, affiliate’s, or agent’s normal business activities;
(4) A judgment creditor of the homeowner, if the judgment creditor’s claim accrued before the written notice of foreclosure sale required under § 7-105.4 of this title is sent;
(5) A person licensed as a mortgage lender under Title 11, Subtitle 5 of the Financial Institutions Article while:
(i) Acting under the authority of that license in regard to a residence in default; and
(ii) Arranging for a refinancing of a mortgage loan for the residence in default;
(6) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson under Title 17 of the Business Occupations and Professions Article only:
(i) While the person:
1. Engages in any activity for which the person is licensed under Title 17 of the Business Occupations and Professions Article; and
2. Does not violate any provision of § 7-307 of this subtitle or Title 17 of the Business Occupations and Professions Article; and
(ii) If the residence in default for which the person is conducting a licensed activity:
1. Is listed in the local multiple listing service; and
2. Is sold or transferred through a settlement, including the conveyance or transfer of deed, title, or establishment of equitable interest;
(7) A nonprofit organization that solely offers counseling or advice to homeowners in foreclosure or loan default, if the organization is not directly or indirectly related to and does not contract for services with for-profit lenders; or
(8) A certified community development financial institution that purchases owner-occupied residential property for the purpose of transferring the property to the immediately preceding mortgagor or grantor under the circumstances specified in § 7-105.1 of this title.
(b) This subtitle does apply to an individual who:
(1) Is functioning in a position listed under subsection (a)(1) through (7) of this section; and
(2) Is engaging in activities or providing services designed or intended to transfer title to a residence in default directly or indirectly to that individual, a relative of that individual, or an agent or affiliate of that individual.