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§ 4-811. Eligibility for loan -- Emergency assistance loans

MD House & Comm Dev Code § 4-811 (2019) (N/A)
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(a)    To qualify for an emergency assistance loan made under § 4-804(4) of this subtitle, an applicant:

(1)    shall be unable to keep payments current on the applicant’s home mortgage because of unforeseeable adverse personal or economic circumstances;

(2)    shall be at risk of forfeiting title to the applicant’s home; and

(3)    reasonably may be expected to resume regular mortgage payments within 24 months after the first mortgage assistance payment is provided.

(b)    For an emergency assistance loan under § 4-804(4) of this subtitle:

(1)    the Department shall consider the amount of equity in the property; and

(2)    the loan may not exceed an amount equal to 36 payments of principal and interest on all superior liens, plus:

(i)    late fees;

(ii)    taxes;

(iii)    insurance payments; and

(iv)    other payments needed for the loan to be current.

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