ANNAPOLIS, Md. (AP) — Maryland has joined a federal program to help homeowners facing foreclosure because they’ve lost their jobs.
Federal and state officials announced the $40 million Emergency Homeowners Loan Program on Friday. Federal housing secretary Shaun Donovan says it “will provide limited and targeted assistance to help working families.”
The program offers interest-free loans to pay 12 months of overdue debt, up to $50,000. Eligible homeowners include people who’ve lost income because of the economy or a medical condition; are three to 12 months behind on mortgage payments and facing foreclosure; have a household income equal to or less than the area’s median income; and have a “reasonable likelihood” of resuming mortgage payments within two years.
To apply, homeowners can connect with a nonprofit housing counselor by going to mdhope.org
(Copyright 2011 by The Associated Press. All Rights Reserved.)