Maryland program to stave off foreclosures
Homeowners fearful of losing their homes because of looming defaults and foreclosures could get help through a new state initiative.
Called Homeowners Preserving Equity, the HOPE program offers a commitment of $100 million in private capital to help about 500 homeowners to refinance and switch adjustable-rate mortgages to fixed-rate mortgages.
The state also plans to use $10 million from the state’s mortgage insurance program as an incentive to encourage lenders to provide another $200 million to refinance another 1,000 homeowners.
The goal is to prevent an expected wave of foreclosures due to the recent proliferation of “exotic” loans which include adjustable rate, balloon payment and negative amortization loans.
“The HOPE initiative is an innovative package of foreclosure prevention measures, combining refinancing, mortgage insurance, incentives and homeownership counseling to make sure Maryland families can preserve the equity they have built up in their homes,” said Ray Skinner, secretary of the state Department of Housing and Community Development, in a statement after a June 13 press conference in Dundalk.
http://www.foreclosurelistingsmd.com/articles/program-to-stave-off-foreclosures.html
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