When you're struggling to make mortgage payments or have already missed payments, loan modifications can be a great long-term financial relief option. Modifying a loan changes the terms of the loan itself, and it is not about applying for an additional loan or refinancing. If your lender approves a modification, you can avoid foreclosure without having to file for bankruptcy. Getting a loan modification on your own can be difficult, and it requires that the property presents a lead-based paint risk, which must be determined by a qualified Baltimore County lead risk evaluator.
Fortunately, there are several resources available to help Baltimore County homeowners in this situation. The Ambrose Housing Aid Center provides free homebuyer education (workshops), homebuyer counseling, financial education counseling, foreclosure counseling, and legal assistance to low-income residents and older people in Baltimore County. The Live Close to Your Work program is a partnership between LifeBridge Health and Baltimore County that encourages homeownership and maintains strong neighborhoods in Baltimore County communities near Northwest and Sinai hospitals. If you're a Baltimore County homeowner and are struggling to pay your mortgage or other housing expenses, you should learn about the Maryland Homeowners Assistance Fund.
This program provides grants to eligible homeowners who are facing foreclosure due to financial hardship. Developers should seek out all available funding sources and not consider Baltimore County as the primary or only source of project funding. If you have debts in addition to your mortgage, it may be beneficial to file for bankruptcy as a step prior to a loan modification or instead of a modification or other type of assistance to mitigate losses. LifeBridge employees who purchase housing in Baltimore County communities near LifeBridge health centers are eligible for this program. Baltimore County's Lead Safe grant program is designed to reduce lead-related risks in homes in selected community conservation areas through a comprehensive lead-related risk reduction plan, economic development, job training, outreach, and education. In conclusion, if you're a Baltimore County homeowner facing financial hardship due to mortgage payments or other housing expenses, there are several resources available that can help you get a loan modification. The Ambrose Housing Aid Center provides free homebuyer education (workshops), homebuyer counseling, financial education counseling, foreclosure counseling, and legal assistance.
The Live Close to Your Work program is another great resource for homeowners in Baltimore County communities near Northwest and Sinai hospitals. Additionally, the Maryland Homeowners Assistance Fund provides grants to eligible homeowners who are facing foreclosure due to financial hardship. Finally, LifeBridge employees who purchase housing in Baltimore County communities near LifeBridge health centers are eligible for this program.
