Information provided by Vickie Gipson, Esquire – the director St. Ambrose Housing Aid Center.
I am actively engaged in getting the word out about Maryland’s Emergency Mortgage Assistance (EMA) Program. This program is designed to meet the needs of homeowners facing foreclosure due to involuntary unemployment, underemployment or who have experienced a loss of income due to medical condition. A homeowner may receive up to $50,000.00 in either arrearage or forward payments or both. The borrower must be at least 3 months behind and less than 12 months in the arrears. The arrears will be paid and going forward payments toward the mortgage can last for up to two years not to exceed $50,000.00. The borrower’s income must fall within 120% of HUD Area Median Income FY 2010 Limits and the only real estate that they can own is their principal residence. The loan is interest free and, if certain conditions are met (i.e., the borrower resumes making the full mortgage payments), the loan will be extinguished by the end of the fifth year that the borrower resumes making his or her full and timely mortgage payments. Please share this information with your client’s as it is a quick way to save their properties from foreclosure. As a prime partner for this program we are accepting applications for submission to DHCD. This program, at least at our agency, has not had the overwhelming response that we had anticipated. The good news for your clients is that funding is still available. The bad news is that this is still time sensitive and time limited program. For those of you affiliated with groups interested in learning more about the program, I am available to come meet with your organization. Please let me know how we can work together to get the word out about this fantastic program. Please feel free to contact me at the numbers below or have your clients contact our EMA HOTLINE to apply for this program 410-366-6091.