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Maryland Joins HUD Foreclosure Loan Program

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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.)

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