Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal.

But as a real estate professional who is in the trenches with financially stressed homeowners every day, it never for a second feels to me like business-as-usual.

The prospect of losing a home is right up there among the major sources of grief, and often, it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have found themselves in a similar spot. It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Contact me today at 410-320-6551 or Diane@TDGMoves.com

The Maryland Department of Housing and Community Development (DHCD) received funding from the Department of Housing and Urban Development (HUD) to assist homeowners facing foreclosure due to involuntary unemployment or loss of significant income.

To qualify, you must be able to answer yes to each of the questions below:

• Are you three months behind on your mortgage?
• Are you unable to make full mortgage payments, but are NOT in bankruptcy?
• Have you received a notice or indication from your lender/servicer that your home is in danger of foreclosure?
• Is your delinquency due to involuntary: Unemployment or Underemployment or Lost income due to a medical condition?
• Has your income dropped by 15% or more?
• Is the delinquent mortgage the first mortgage on your home?
• Is the delinquent mortgage on your principal residence?
• Is the property a single-family residence? (1-4 unit structure or condo unit)?
• Is your current household income less than or equal to the 120% Area Median Income for your area?

If you answered yes to all of the above questions, you MAY be eligible for assistance from the EMA program.  Go to http://www.mdhope.org/EMA for additional information.

Here’s how the program works:

Once you determine you are eligible:

• You will need to download some documentation and a checklist
• Submit the application to DHCD.    If approved for a loan, the your contribution would be 31% of your current gross income.  EMA will pay the remaining balance of the monthly payments until the first of the following events occur:

1. Payments reach the maximum determined amount (including arrears)
2. The maximum of 24 monthly payments have been made
3. You become re-employed at or within 15% of your previous income
4. You are late or default on a monthly payment
5. You fail to report a change in income
6. The property is sold or is no longer the principal residence.

The EMA loan is a zero interest loan with no payments for five years after the end of the Assistance period.  From then on, the loan balance due will decline by 20% annually until the Note has a zero balance after five years.  If you fail to meet any of the conditions, then the applicable balance of the loan at that time will become payable.

For more information about this program, please visit http://www.mdhope.org/EMA

If you or someone you know is struggling with their mortgage, please email me and I will help point you in the right direction.