As of April 1, 2011, Maryland's Department of Housing and Community Development will begin accepting applications for the new Emergency Mortgage Assistance Program.
The $40 million program was created to assist unemployed and underemployed homeowners with their mortgage payments in order to save their homes from foreclosure. If approved, borrowers will receive up to $50,000 in funds to cover: 1) to up to 12 months worth of arrears (including delinquent taxes and insurance); and 2) up to 2 years of prospective mortgage payments.
To be eligible, borrowers must be no more than 12 months in arrears, cannot be unemployed due to termination for cause, and must be able to be resume making their mortgage payments within the next 2 years.
Visit www.mdhope.org for a pre-eligibility checklist and information regarding the application process.