Ch. 220

LAWS OF MARYLAND

(3) REASONABLY MAY BE EXPECTED TO RESUME REGULAR
MORTGAGE PAYMENTS WITHIN 24 MONTHS AFTER THE FIRST MORTGAGE
ASSISTANCE PAYMENT IS PROVIDED.

(B) FOR EMERGENCY ASSISTANCE LOANS MADE UNDER § 2-602(3) OF
THIS SUBTITLE:

(1)  THE DEPARTMENT SHALL CONSIDER THE AMOUNT OF
EQUITY IN THE PROPERTY; AND

(2)  THE AMOUNT OF THE LOAN MAY NOT EXCEED AN AMOUNT
EQUAL TO 36 PAYMENTS OF PRINCIPAL AND INTEREST ON THE SUPERIOR
LIEN OR LIENS AND ANY:

(I)  LATE FEES;

(II)  TAXES OR INSURANCE PAYMENTS; OR

(III)  OTHER FEES AND COSTS NECESSARY TO BRING
OR KEEP THE LOAN CURRENT.

2-607.

FOR REVERSE EQUITY LOANS MADE UNDER § 2-602(4) OF THIS
SUBTITLE, AN APPLICANT SHALL:

(1)  BE 62 YEARS OF AGE OR OLDER AT THE TIME THE LOAN
CLOSES; AND

(2)  NEED FINANCIAL ASSISTANCE WITH HOUSING RELATED
EXPENSES OR PERSONAL EXPENSES WHICH ENABLE THE OWNER TO CONTINUE
TO OCCUPY THE HOME.

2-608.

FOR PREFERRED INTEREST RATE MORTGAGES TO REFINANCE AN
EXISTING HOME UNDER § 2-602(1) OF THIS SUBTITLE, AN APPLICANT:

(1)  SHALL BE UNABLE TO KEEP CURRENT THE EXISTING
MORTGAGE ON THE APPLICANT'S HOME DUE TO EXCEPTIONAL ADVERSE
PERSONAL OR ECONOMIC CIRCUMSTANCES; AND

(2)  SHALL BE LIKELY TO HAVE TO FORFEIT THE TITLE TO
THE APPLICANT'S HOME.

2-609.

FOR SHORT-TERM CONSTRUCTION LOANS UNDER § 2-602(2) OF THIS
SUBTITLE, A DEVELOPER SHALL:

(1) PROVIDE CONSTRUCTION COSTS, MARKETING DATA, AND
SUCH OTHER INFORMATION AS MAY BE REQUIRED BY THE DEPARTMENT; AND

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