Thousands of Washington area homeowners were racing to meet a deadline for help from a $1 billion federal mortgage assistance program, the Washington Post reported on September 15, 2011. About 4,000 Maryland residents were applying before the September 16 deadline, while 10,000 more were seeking help in Virginia before the state’s September 15 deadline. DC homeowners participate in a separate program without an immediate deadline, according to the Post.
Unfortunately, many of the applicants will not qualify for help from the Emergency Mortgage Assistance Program, as it is known in Maryland, because of the long list of requirements. The Post reported that the mortgage-assistance program offers bridge loans to homeowners who have fallen behind on their mortgages and lost income because of the recession, with loans helping cover mortgage payments for up to two years, or up to $50,000.
If job loss or reduced income has caused you to fall behind on your mortgage, you should know that you have additional options available to help keep you in your home by filing bankruptcy. Maryland bankruptcy attorney Kevin D. Judd can restructure your debt and help you get a fresh start on your finances with a Chapter 13 or Chapter 7 bankruptcy process. Our Washington DC bankruptcy lawyer can help get you started on a bankruptcy means test and advise you how to manage your debt and reestablish credit.
Law Firm of Kevin D. Judd – Washington DC and Maryland bankruptcy lawyer