Foreclosure Assistance Not Helping Enough

On the same day the Baltimore Sun reported that state housing officials were “working feverishly” to use up $57 million in emergency loans from Maryland’s Emergency Mortgage Assistance program before a deadline would force them to give any unspent funds back to the government, the Atlantic reported that probably half of the $1 billion in national funding will be unspent. Both articles were published on September 29, 2011, with the Sun noting that Maryland had gone through its original allotment before receiving $20 million more to continue processing applications.

According to the Atlantic, the U.S. Department of Housing and Urban Development estimated no more than half of the $1 billion Congress allocated nationwidelast year for the forgivable loans is likely to be spent and many of the 100,000 homeowners who applied didn’t qualify. Maryland got a two-and-a-half month jump start because it was one of five states permitted to run their own versions of the federal Emergency Homeowners’ Loan Program, the Atlantic noted.

Have you tried to get foreclosure help and suffered rejection? Our Maryland bankruptcy lawyer wants to hear from you. Perhaps you are regretting not trying to take advantage of government assistance because you thought your situation would improve, only to find that things are getting worse. If your debt has gone beyond your control, now could be the best time to consider a bankruptcy means test. Maryland bankruptcy attorney Kevin D. Judd can answer all of your questions regarding a Chapter 13 or Chapter 7 bankruptcy process and help eliminate bills and stop foreclosure. If you are feeling the effects of foreclosure prevention failure, share your thoughts with us.

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