§ 4-811

138 words·~1 min read·/md/housing-and-community-development/4-811

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§4–811.

(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.