1. A. Each borrower shall participate in a financial counseling program acceptable to the Department unless, in the written determination of the Program, a financial counseling program is not available for the borrower or the Program otherwise determines that financial counseling is not necessary.

2. B. In order to be acceptable to the Department, a financial counseling program shall:

   1. (1) Require financial counseling before the loan is approved and after the loan closes, to the extent determined necessary by the Program;
   2. (2) Provide credit counseling, including counseling about budget planning;

   3. (3) Provide mortgage delinquency counseling, including a plan to address alternatives to a program loan such as:

      1. (a) A repayment plan with the mortgagee or mortgagees,
      2. (b) A forbearance agreement,
      3. (c) A refinancing of the existing mortgage debt,
      4. (d) Assistance from federal and private programs, and
      5. (e) Sale by the owner directly to a third party instead of foreclosure.

Authority: Housing and Community Development Article, §4-806(a)(4), Annotated Code of Maryland

Effective date: October 8, 1984 (11:20 Md. R. 1741)

Chapter recodified from COMAR 05.01.16 to COMAR 05.03.03

Chapter (Homeowners' Emergency Assistance Program) repealed effective

April 30, 1990 (17:8 Md. R. 975)

Regulations .01—.15 (Emergency Mortgage Assistance Program) adopted

effective April 30, 1990 (17:8 Md. R. 975)

Regulation .05A amended effective January 2, 1993 (19:26 Md. R. 2283)