# COMAR Title 05 — Department of Housing and Community Development

## Subtitle 03 — Homeownership Programs

### Chapter 03 — Emergency Mortgage Assistance Program

#### Regulation .12 Financial Counseling.

*COMAR 05.03.03.12*

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.

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

  (1) Require financial counseling before the loan is approved and after the loan closes, to the extent determined necessary by the Program;

  (2) Provide credit counseling, including counseling about budget planning;

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

    (a) A repayment plan with the mortgagee or mortgagees,

    (b) A forbearance agreement,

    (c) A refinancing of the existing mortgage debt,

    (d) Assistance from federal and private programs, and

    (e) Sale by the owner directly to a third party instead of foreclosure.