Section 4-811 - Eligibility for loan - Emergency assistance loans. - Maryland Statutes

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

(a)  Qualifications.- 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)  Equity in property; amount of lien.- 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. 
 

[An. Code 1957, art. 83B, § 2-606; 2005, ch. 26, § 2.]