WILLIAM DONALD SCHAEFER, Governor Ch. 2 20

(d) Loan payments shall be provided for a period not to
exceed 24 months plus any period of default.

(e) Loan payments shall be reevaluated every 6 months and
continued, adjusted, or terminated as appropriate, based on the
mortgagor's financial circumstances at that time.

(f) Loans made under the Program shall be secured by a lien
on the property.

(g) The Department shall consider the amount of equity in
the property subject to the qualified mortgage.]

[2-708.

An applicant qualifies for a loan under the Program if the
applicant:

(1)   Is unemployed and is currently receiving, has
received within the last 6 months, or has exhausted available
State and federal unemployment insurance benefits;

(2)   Is the owner and occupier of property of 1 or 2
units on which there is a qualified mortgage;

(3)  Had shown reasonable standards of credit
worthiness before becoming unemployed;

(4)   Is delinquent in paying a qualified mortgage;

(5)  Has exhausted benefits under or is not eligible
for mortgage assistance under any federal government program;

(6)  Can be reasonably expected to resume regular
mortgage payments within 24 months after the beginning of the
period for which mortgage assistance is provided; and

(7)  Participates in a financial counseling program
sponsored or approved by the Department.]

2-606.

(A) FOR EMERGENCY ASSISTANCE LOANS MADE UNDER § 2-602(3) OF
THIS SUBTITLE, AN APPLICANT:

(1)  SHALL BE LIKELY TO HAVE TO FORFEIT THE TITLE TO
THE APPLICANT'S HOME;

(2)  SHALL BE UNABLE TO KEEP PAYMENTS ON THE
APPLICANT'S HOME MORTGAGE CURRENT DUE TO UNFORESEEABLE ADVERSE
PERSONAL OR ECONOMIC CIRCUMSTANCES; AND

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