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2005 LAWS OF MARYLAND
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Ch. 509
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(3) "RESALE" MEANS A BONA FIDE MARKET SALE OF PROPERTY
SUBJECT TO A FORECLOSURE RECONVEYANCE BY THE FORECLOSURE PURCHASER
TO AN UNAFFILIATED THIRD PARTY.
(4) "RESALE PRICE" MEANS THE GROSS SALE PRICE OF A PROPERTY ON
RESALE.
(5) "SETTLEMENT" MEANS AN IN PERSON MEETING TO COMPLETE
FINAL DOCUMENTS INCIDENT TO THE SALE OR TRANSFER OF REAL PROPERTY OR
THE CREATION OF A MORTGAGE ON REAL PROPERTY CONDUCTED BY A SETTLEMENT
AGENT WHO IS NOT EMPLOYED BY OR AN AFFILIATE OF THE FORECLOSURE
PURCHASER
(5) "SETTLEMENT" MEANS AN IN-PERSON, FACE-TO-FACE MEETING
WITH THE HOMEOWNER TO COMPLETE FINAL DOCUMENTS INCIDENT TO THE SALE
OR TRANSFER OF REAL PROPERTY, OR THE CREATION OF A MORTGAGE OR
EQUITABLE INTEREST IN REAL PROPERTY, CONDUCTED BY A SETTLEMENT AGENT
WHO IS NOT EMPLOYED BY OR AN AFFILIATE OF THE FORECLOSURE PURCHASER
DURING WHICH THE HOMEOWNER MUST BE PRESENTED WITH A COMPLETED COPY
OF THE HUD-1 SETTLEMENT FORM.
(B) A FORECLOSURE PURCHASER MAY NOT:
(1) ENTER INTO, OR ATTEMPT TO ENTER INTO, A FORECLOSURE
RECONVEYANCE WITH A HOMEOWNER UNLESS:
(I) THE FORECLOSURE PURCHASER VERIFIES AND CAN
DEMONSTRATE THAT THE HOMEOWNER HAS OR WILL HAVE A REASONABLE ABILITY
TO PAY FOR THE SUBSEQUENT RECONVEYANCE OF THE PROPERTY BACK TO THE
HOMEOWNER ON COMPLETION OF THE TERMS OF A FORECLOSURE CONVEYANCE,
OR, IF THE FORECLOSURE CONVEYANCE PROVIDES FOR A LEASE WITH AN OPTION TO
REPURCHASE THE PROPERTY, THE HOMEOWNER HAS OR WILL HAVE A REASONABLE
ABILITY TO MAKE THE LEASE PAYMENTS AND REPURCHASE THE PROPERTY WITHIN
THE TERM OF THE OPTION TO REPURCHASE;
(II) THE FORECLOSURE PURCHASER AND THE HOMEOWNER
COMPLETE A FORMAL SETTLEMENT BEFORE ANY TRANSFER OF AN INTEREST IN THE
PROPERTY IS EFFECTED; AND
(III) THE FORECLOSURE PURCHASER COMPLIES WITH THE
REQUIREMENTS OF THE FEDERAL HOME OWNERSHIP EQUITY PROTECTION ACT, 15
U.S.C. 1639, AND ITS IMPLEMENTING REGULATIONS FOR ANY FORECLOSURE
RECONVEYANCE IN WHICH THE HOMEOWNER OBTAINS A VENDEE INTEREST IN A
CONTRACT FOR DEED;
(2) FAIL TO:
(I) ENSURE THAT TITLE TO THE PROPERTY HAS BEEN
RECONVEYED TO THE HOMEOWNER IN A TIMELY MANNER IF THIS SUBTITLE OR THE
TERMS OF A FORECLOSURE RECONVEYANCE AGREEMENT REQUIRE A
RECONVEYANCE; OR
- 3002 -
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