§ 4-811. Eligibility for loan -- Emergency assistance loans

   (a) Qualifications. -- To qualify for an emergency assistance loan made under § 4-804(4) of this subtitle, an applicant:

   (1) shall be unable to keep payments current on the applicant's home mortgage because of unforeseeable adverse personal or economic circumstances;

   (2) shall be at risk of forfeiting title to the applicant's home; and

   (3) reasonably may be expected to resume regular mortgage payments within 24 months after the first mortgage assistance payment is provided.

(b) Equity in property; amount of lien. -- For an emergency assistance loan under § 4-804(4) of this subtitle:

   (1) the Department shall consider the amount of equity in the property; and

   (2) the loan may not exceed an amount equal to 36 payments of principal and interest on all superior liens, plus:

      (i) late fees;

      (ii) taxes;

      (iii) insurance payments; and

      (iv) other payments needed for the loan to be current.

HISTORY: An. Code 1957, art. 83B, § 2-606; 2005, ch. 26, § 2.