In a use-it-or-lose-it arrangement, the Maryland Housing and Community Development Department has until September 30 to give out $36 million in federal emergency mortgage loans to state homeowners facing foreclosure.
“We are in ‘turbo drive’ with the aim of obligating all the funds,” said Carol Gilbert, the department’s assistant secretary for neighborhood revitalization, who is optimistic that goal can be met. Gilbert was speaking at a meeting last Friday on financial literacy.
Last year, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which provided $1 billion for the Emergency Homeowners Loan Program for qualified homeowners facing foreclosure.
The program is available to homeowners who have lost at least 15% of their income due to involuntary job loss, reduction in wages, or a medical condition, Gilbert said.
No comments:
Post a Comment