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Ch. 509
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2005 LAWS OF MARYLAND
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FOR PRIMARY HOUSING EXPENSES AND REGULAR PRINCIPAL AND INTEREST
PAYMENTS ON OTHER PERSONAL DEBT, ON A MONTHLY BASIS, DO NOT EXCEED 60%
OF THE HOMEOWNER'S MONTHLY GROSS INCOME; AND
(2) THE FORECLOSURE PURCHASER HAS NOT VERIFIED REASONABLE
PAYMENT ABILITY IF THE FORECLOSURE PURCHASER HAS NOT OBTAINED
DOCUMENTS OTHER THAN A STATEMENT BY THE HOMEOWNER OF ASSETS,
LIABILITIES, AND INCOME.
(D) (1) THE FORECLOSURE PURCHASER SHALL MAKE A DETAILED
ACCOUNTING OF THE BASIS FOR THE AMOUNT OF A PAYMENT MADE TO THE
HOMEOWNER OF A PROPERTY RESOLD WITHIN 18 MONTHS AFTER ENTERING INTO A
FORECLOSURE RECONVEYANCE AGREEMENT, IN ACCORDANCE WITH (B)(2)(II) OF
THIS SECTION.
(2) THE ACCOUNTING SHALL BE ON A FORM PRESCRIBED BY THE
ATTORNEY GENERAL IN CONSULTATION WITH THE COMMISSIONER OF FINANCIAL
REGULATION AND SHALL INCLUDE DETAILED DOCUMENTATION OF EXPENSES AND
OTHER CONSIDERATION PAID BY THE FORECLOSURE PURCHASER AND DEDUCTED
FROM THE RESALE PRICE.
(E) A BONA FIDE PURCHASER FOR VALUE OR BONA FIDE LENDER FOR VALUE
WHO ENTERS INTO A TRANSACTION WITH A HOMEOWNER OR A FORECLOSURE
PURCHASER WHEN A FORECLOSURE CONSULTING CONTRACT IS IN EFFECT OR
DURING THE PERIOD WHEN A FORECLOSURE RECONVEYANCE MAY BE RESCINDED,
WITHOUT NOTICE OF THOSE FACTS, RECEIVES GOOD TITLE TO THE PROPERTY, FREE
AND CLEAR OF THE RIGHT OF THE PARTIES TO THE FORECLOSURE CONSULTING
CONTRACT OR THE RIGHT OF THE HOMEOWNER TO RESCIND THE FORECLOSURE
RECONVEYANCE.
(F) THIS SUBTITLE MAY NOT BE CONSTRUED TO IMPOSE ANY DUTY ON A
PURCHASER, TITLE INSURER, OR TITLE INSURANCE PRODUCER WITH RESPECT TO
THE APPLICATION OF THE PROCEEDS OF A SALE OF PROPERTY BY A FORECLOSURE
PURCHASER
7-312. RESERVED.
7-313. RESERVED.
PART IV FORECLOSURE SURPLUS PURCHASERS.
7-314.
(A) EACH FORECLOSURE SURPLUS ACQUISITION SHALL BE IN THE FORM OF A
WRITTEN CONTRACT.
(B) EACH FORECLOSURE SURPLUS ACQUISITION CONTRACT SHALL:
(1) CONTAIN THE ENTIRE AGREEMENT OF THE PARTIES;
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- 3004 -
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