Homeownership is the
cornerstone of the American Dream. It creates strong, viable neighborhoods and
communities. It allows families to build wealth and a future for their
children. However, homeownership is only valuable when it is sustainable. With
homeownership and neighborhoods threatened by defaulting subprime and “exotic”
mortgages, Governor O’Malley has launched the HOPE Initiative -- Home Owners
Preserving Equity. HOPE provides access to counseling services and resources
for homeowners needing to refinance.
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Through DHCD’s Community Development Administration (CDA), Lifeline
provides a refinancing option to Marylanders who may be facing difficulties
after financing their homes with adjustable rate or other unfavorable
mortgages, or with mortgages that no longer fit their financial situation.
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Are you a homeowner experiencing financial difficulty caused by either a
sub-prime or exotic mortgage that has, or is preparing to, reset? DHCD’s Bridge
to HOPE Loan Program provides homeowners with a short-term gap loan to prevent
foreclosure.
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The Community Development Administration’s (CDA) Homesaver Refinance Mortgage
Program provides a refinancing option to Marylanders who have sub-prime or
exotic mortgages and are experiencing difficulties as a result of mortgage
default, low credit scores and/or a mortgage greater than the current value of
their home.
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