Maryland received $40 million in federal aid to help struggling homeowners make their mortgage payments after losing a job or taking an income hit, state and federal officials announced Friday.
Borrowers could receive as much as $50,000 in interest-free loans to pay off past-due amounts and to make up to two years of payments. They must have sustained an income loss of at least 15 percent, be three to 12 months behind on their mortgage and have a "reasonable likelihood" of being able to get back on their feet.
Homeowners must meet with a nonprofit housing counselor in Maryland to apply for the Emergency Homeowner Loan Program, the state said. They can connect with a counselor by going to mdhope.org or calling 877-462-7555.
Legislation authorizing the program was signed into law in July, but the $1 billion in aid has taken months to filter to the states.
Maryland officials said homeowners could get information about the new aid at two events Saturday, one in Baltimore and one in Prince George's County, both hard-hit by the foreclosure crisis.
Money Power Day at Baltimore Polytechnic Institute, 1400 W. Cold Spring Lane, will be held from 9 a.m. to 3 p.m.
A "Mortgage Late? Don't Wait!" Foreclosure Prevention Workshop is scheduled for 9 a.m. to 2 p.m. at the Prince George's Sports & Learning Complex field house, 8001 Sheriff Road in Landover.