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.