Crownsville, MD – DHCD this week settled the last loans under the Emergency Mortgage Assistance program, bringing the total number of households assisted through the landmark foreclosure prevention program to 1,320 families for $43.4 million. The last two homeowners settled their loans on March 19.
Maryland launched the Emergency Mortgage Assistance program last April using federal resources to provide interest-free gap loans up to $50,000 to help families facing foreclosure as a fall-out of the prolonged economic downturn.
DHCD staff performed well under very difficult and compressed timelines, with customers who were under significant stress and servicers who continue to be challenged by data, IT, and organizational deficiencies.
In the end, the state was one of the most successful at getting money into the hands of the homeowners who needed it. St. Ambrose is proud to have been one of the partners on this program, submitting over 185 completed applications.
After the Emergency Mortgage Assistance program closed in September, DHCD and the MD HOPE Counseling Network continued to help beleaguered homeowners find sustainable alternatives to losing their home. Since 2007, the network has assisted more than 71,000 homeowners. Visit the Maryland HOPE Initiative website for a calendar of upcoming foreclosure prevention events and to learn more about important programs such as foreclosure mediation.
Visit Community Review, DHCD’s official blog, to get the latest in housing and community development news.