Are you struggling to keep up with your mortgage payments or other housing costs due to COVID-19 related financial hardships? The Maryland Homeowner Assistance Fund is expected to open to homeowners statewide in late 2021.
The Homeowner Assistance Fund was established by the American Rescue Plan Act enacted on March 11, 2021, to help homeowners experiencing financial hardship after January 21, 2020. The Maryland Department of Housing and Community Development will receive $248 million through this program over three years to assist homeowners struggling with their mortgage payments or other housing costs due to the COVID-19 pandemic. The Maryland Homeowner Assistance Fund will leverage and be supplementary to the loss mitigation tools that will be deployed by mortgage servicers. The program will create a long-term sustainable and affordable mortgage as opposed to short-term assistance without a clear outcome. For more information, see Program Overview.
The Maryland Homeowner Assistance Fund will support mortgage relief, weatherization, housing counseling, and legal services.
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U.S. Treasury defines a financial hardship as “A material reduction in income or material increase in living expenses associated with the coronavirus pandemic that has created or increased a risk of mortgage delinquency, mortgage default, foreclosure,or displacement for a homeowner.”
The Maryland Homeowner Assistance Fund is expected to be open to homeowners in late 2021. Sign up to be notified by email for updates and when we will start accepting applications.
If you do not meet the eligibility requirements for the Maryland Homeowner Assistance Fund, make sure you are connected with housing counseling and legal services. A housing counselor can help you explore available options. Visit Homeowner Resources or call the Maryland Homeowner Assistance Hotline at 1-877-462-7555.
A family’s home is their most important asset, and housing counseling helps ensure that potential and current homeowners are educated and empowered to make informed decisions about purchasing or preserving that home. To that end, the Department of Housing and Community Development supports a statewide network of nonprofit and local government agencies that provide critical assistance to homeowners, and renters.
If you are a homeowner who has fallen behind on your mortgage payments, getting help early in the process can mean the difference between saving your home and losing it to foreclosure. A housing counselor can help you understand your options based on your specific circumstances and can assist you with finding a solution that works best for you. Contact a housing counselor today. You can also call 1-877-462-7555 to find a state-approved nonprofit agency that can provide individual guidance to homeowners facing foreclosure.
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