June 14th, 2011

we can't teach what we don't know
  • uu_mom

"Prince George's leads Maryland with highest foreclosure rate" + how to get help

The foreclosure problem is a tragedy and the problem is making news nationwide for Prince George's.

In MSN's Today, they ran the story, Affluent black county mired in mortgage mess, but I missed it when they first posted it. Now it says, "This story has been corrected from an earlier version, which erroneously described a District Heights resident quoted in the article as black." but I don't see any mention of someone from District Heights now, so they cut that part just because the person wasn't black? We are a multicultural county with an African American majority and leadership of which we should be proud. Many African Americans here are still doing very well and our county and the federal government is trying to help.

Foreclosure help is available (from Tamara Davis Brown, member, Maryland consumer Council):

Thanks to President Obama and the administration's Department of Housing and Urban Development, Maryland received $40 million federal funding to assist unemployed homeowners who are behind on their mortgage payments. This is a LOAN program.

Eligible homeowners include those who:
Are experiencing a loss of employment income because of the economy (RIFs) or a medical condition. Homeowner(s) must have a current income that is at least 15% less than it was prior to the loss of employment.
Are 3-12 months delinquent on their mortgage payments and pending foreclosure. It must be the first mortgage on the principal residence of the homeowner.
Have a total household income equal to, or less than, 120% of the Area Median Income (AMI), including wages, unemployment benefits, and other income. (See www.mdhope.org for AMI chart.)
Have a reasonable likelihood (based on industry underwriting standards) of being able to resume mortgage payments within 2 years, when full employment has been regained.
Prospective applicants must meet certain prequalification requirements. Homeowners will be able to access assistance in this process through specially-trained housing counseling agencies approved by the Maryland Department of Housing and Community Development and at various foreclosure prevention events.

Maryland is already taking applications and has closed on its first loan. Homeowners can get more details on Maryland's Emergency Mortgage Assistance Program by visiting the HOPE website at www.mdhope.org or by calling the HOPE hotline (877) 462-7555 to find a housing counselor in their area for free counseling and assistance.

Also check out the latest Prince George's County blogger posts and news here and specific news about the county from many sources at Newsvine.

And our video playlists on YouTube for Prince George's Vital News | Prince George's Education/Youth



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