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?
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.
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Margaret Woda, Long & Foster Real Estate, Inc.
Military Residential Specialist (MilRES®)
(410) 451-6245 firstname.lastname@example.org
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Information contained in this blog post is reliable on the date of publication, but it is subject to change without notice.