Maryland offers three programs that may provide relief for homeowners concerned about increasing monthly payments or late payments on their mortgage. Hopefully one of these programs will be just what you need for buying time to address whatever financial challenges you face.
"Denial" may be your greatest obstacle to avoiding a short sale or foreclosure. Pretending there's no problem, leaving mail from your mortgage company unopened, and not answering your phone are three things that will NOT put you on a path to financial recovery. (Sound familiar?)
On the other hand, one of these three programs from the Maryland Department of Housing and Community Development may help. Don't you owe it to yourself and your family to at least look into them?
1. LIFELINE REFINANCE MORTGAGE PROGRAM
Maryland's Community Development Administration's (CDA) Lifeline Refinance Mortgage program provides a refinancing option to Marylanders who may be facing difficulties after financing their homes with adjustable rate or other unfavorable mortgages, or with mortgages that no longer fit their financial situation.
This statewide program, administered by the Maryland Department of Housing and Community Development's Community Development Administration (CDA), provides Maryland homeowners with short-term relief to maintain homeownership by preventing residential mortgage foreclosures resulting from borrowers experiencing financial difficulty caused by either a sub-prime or exotic mortgage, such as a negative amortization loan or an adjustable rate mortgage (ARM) loan that has, or is preparing to, reset.
The Community Development Administration's (CDA) Homesaver Refinance Mortgage Program provides a refinancing option to Marylanders who have sub-prime or exotic mortgages and are experiencing difficulties as a result of mortgage default, low credit scores and/or a mortgage greater than the current value of their home. The Maryland Housing Fund (MHF), the State's mortgage insurance agency, is the exclusive mortgage insurer for this program.
There are income and property value limits for all of these programs, so they won't work for everyone. But you may be one of the many homeowners for whom Maryland DOES have a solution.
If all this seems overwhelming, don't panic. Give me a call and I'll put you in touch with one of the lenders approved by Maryland Community and Economic Development Association.
Thank you Bob Lockhoff, Wells Fargo Mortgage, for making me aware of these programs.
INFORMATION FOR CONSUMERS:
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As usual, great post of great information for the great people of your area.
Margaret
Excellent post full of timely advice. We're seeing so many foreclosures and short sales up here but I don't think we have any of the resources that your area has. Time for me to investigate it!
This is great news for homeowner in Maryland. I will have to see if we have anything like this in New Hampshire.
Great post. I hope the newspapers write such articles about foreclosure prevention so that more people can read and benefit.
Margaret what a great set of resources you have provided for distressed homeowners in your area. This is invaluable. We had some seminars in this area from the Federal government.
Margaret- This is great information for some Maryland homeowners. We just added an inhouse attorney who does loss mitigation and foreclosure defense which gets us the time we need to complete a short sale. He is also going to start doing some of our short sales as our inventory keeps growing. We now have sold and closed 100% of those we negotiate for. He can do the loss mitigation, the short sales and foreclosure defense in Maryland too. SO if you have sellers who need this, let me know.