Emergency Mortgage Assistance (EMA) Program - Maryland
The Maryland Department of Housing and Community Development (DHCD) has received funding from the U.S. Department of Housing and Urban Development (HUD) through their Emergency Homeowners' Loan Fund (EHLF).
The Emergency Mortgage Assistance (EMA) program is designed to assist homeowners who are facing foreclosure due to involuntary unemployment or loss of significant income.
Are you 3 - 12 months late on your mortgage? Is your home in imminent danger of foreclosure?
The EMA program may be able to help you. These are the steps you take:<!-- <p><b> What to do: </b></p> -->
- Go through the Pre-Application Eligibility Checklist to see if you may be eligible.
- Contact an approved Housing Counseling Agency from the list provided. They can assist you in completing an EMA application if you appear eligible, and help you pursue other avenues of assistance if you do not qualify for EMA.
How does the program work?
If you meet the initial pre-application requirements for the EMA program, you will need to compile documentation for the application
(Click Here for the Required Documentation Checklist).
After all documentation is compiled, the application will be submitted to the DHCD, who will review the application and make the final determination. If approved for an EMA loan, the homeowner's contribution would be 31 percent of their current gross income. EMA will pay t he remaining balance of the monthly payments until the first of the following events occur:
- Payments reach the maximum determined amount(including arrears);
- The maximum of 24 monthly payments have been made;
- Homeowner becomes re-employed at or within 15% of their previous income;
- Homeowner is late or defaults on a monthly payment;
- Homeowner fails to report a change in income;
- The property is sold or is no longer the principal residence.
What are the terms of repayment?
The EMA loan is in the form of a zero interest loan with no payments for five years. So long as all <!--<a href="documents/Stay Eligible.docx" mce_href="documents/Stay Eligible.docx">-->loan conditions are maintained, the loan balance due shall decline by 20 percent annually until the Note is extinguished after five years. If homeowner fails to meet any of the criteria, then the applicable balance of the loan will become payable.
Forms and Documentation
- Pre-Application Eligibility Checklist
- Required Documentation Checklist
- Loan Application
- Privacy Act Statement
- Third Party Authorization and Agreement to Release
- Homeowner Affidavit
- Zero Income Affidavit
- Sample Hardship Letter
- Sample Household Budget
Need more information:
- Prime Counseling Agency Referral List
- See our Frequently Asked Questions
- Contact a Housing Counseling Agency
- Call the HOPE Hotline at 1-877-462-7555
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Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008