The Board of Public Works approved $350,000 on Wednesday to give a last push to advertising the Maryland Emergency Mortgage Assistance Program. The state received $36 million in federal funds to give out as loans to people who are in financial trouble and unable to pay their mortgages. They have a very short window to use that money – between April 2 and Sept. 30. If the funds are not used by the end of the month, they go back to the federal government.
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1 comment:
Foreclosure, and moving to housing that you can afford, is the solution to oweing more on your house than you can pay, or your house that you owe more on than it can be sold for.
Borrowing even more money, and going deeper under-water, is a foolish short-sighted feel-good "solution" that only delays the inevitable foreclosure, or even worse, eventually forces the taxpayer to make-whole a lender who politicians force to write off part of the mortgage that you begged a bank to give you--and many people lied about their incomes to get into that overpriced bubble-house that many thought would pay for itself in successive re-fis and HELOC high-life.
MORAL HAZARD writ large--why should the judicious who bought within their means, or rent, subsidize the greedy and careless with bailouts and "loans"?
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