Volume 796, Page 332 View pdf image |
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(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 (3) Reasonably may be expected to resume regular mortgage payments (b) For emergency assistance loans made under § 2-602(4) 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 (i) Late fees; (ii) Taxes or insurance payments; or (iii) Other fees and costs necessary to bring or keep the loan current. Error: Obsolete cross-reference in Article 83B, § 2-606(a) and (b). Occurred: As a result of Ch. 412, Acts of 1994. Correction by the 2-607. For reverse equity loans made under § 2-602(5) 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 DRAFTER'S NOTE: Error: Obsolete cross-reference in Article 83B, § 2-607. Occurred: As a result of Ch. 412, Acts of 1994. Correction by the 2-611. (b) A loan may provide for: (1) Immediate acceleration of the loan indebtedness if a borrower |
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Volume 796, Page 332 View pdf image |
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