"Lifeline Refinance" Program Available To Maryland Homeowners With Exotic Mortgages
Marylanders who may be facing financial difficulties after purchasing homes with "exotic" mortgages may be eligible for the State of Maryland's Lifeline Refinance mortgage program. The program is administered by the Community Development Administration ("CDA") of the Maryland Department of Housing and Community Development, and offerred through CDA-approved lenders. For more, see www.morehouse4less.com.
According to a Baltimore Sun piece, the program was established last June and has been set up to provide $20 million in relief for borrowers falling behind on loans with adjustable rates and balloon payments. According to the report, however, no one is taking advantage of it; fewer than a dozen people have applied, even though the program can serve 100. For more, see Forestalling foreclosures.
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According to a Baltimore Sun piece, the program was established last June and has been set up to provide $20 million in relief for borrowers falling behind on loans with adjustable rates and balloon payments. According to the report, however, no one is taking advantage of it; fewer than a dozen people have applied, even though the program can serve 100. For more, see Forestalling foreclosures.
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posted by Home Equity Theft Reporter at 7:42 AM
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