Resources
- I'm behind on my mortgage payments, what should I do?
- I need help managing my debt, who can I call?
- What is the difference between a debt management plan and debt settlement?
- How can I get a free copy of my credit report?
- How can I get help paying for college?
- How can I start saving for my child's college education today?
- I keep ending up short at the end of the month, how can I get financial support?
- Paying my heating bill is really hard, can I get any help?
- What is the deal with payday loans? Should I use one?
- How can I manage my money?
- What is the Earned Income Tax Credit (EITC)?
- I need help getting affordable housing, what should I do?
- Is there a fun and interactive way to learn about managing my money?
- I am considering bankruptcy, but I don't have an attorney. Is there any free or low-cost help for people like me?
- I am a first-time homebuyer (or I am refinancing my mortgage). Can I have an attorney review my contract and loan documents [at no cost] before I enter this legally binding agreement?
I'm behind on my mortgage payments, what should I do?
Call the State of Maryland's HOPE Hotline now at 1-877-462-7555 for FREE foreclosure prevention counseling. These services are available from local non-profit organizations.
Additionally, the not-for-profit organization, Civil Justice, Inc. offers a
new FREE service for homeowners/buyers called the Maryland Mortgage Fraud Prevention Project. Email mfp@civiljusticenetwork.org for more information.
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I need help managing my debt, who can I call?
You can call the FREE, not-for-profit Maryland Money Helpline (1-877-254-1097) for assistance today. A certified financial counselor can help you with budgeting, problems due to loss of income, and issues with creditors or collection agencies.
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What is the difference between a debt management plan and debt settlement?
A debt management plan is a 3 to 5 year process of reducing debt that is offered by consumer credit counseling agencies; these services are regulated under the Maryland Debt Management Services Act. Debt settlement companies promise to reduce debts 50-80% so that consumers only owe a portion of their debt; these programs are not regulated, and there is no guarantee that their services are legitimate.
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How can I get a free copy of my credit report?
All Maryland residents can request one free credit report from each of the three credit reporting agencies for a total of 3 free credit reports annually. Go to www.annualcreditreport.com now to access your free report!
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How can I get help paying for college?
Complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Or call 1-800-4-FED-AID for more information. Also, check out the Maryland Higher Education Commission at www.mhec.state.md.us for information on grant and scholarship opportunities.
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How can I start saving for my child's college education?
529 College Savings plans are investment plans with tax advantages that support higher education. Visit the following web site for information about Maryland's 529 College Savings Fund www.savingforcollege.com.
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I keep ending up short at the end of the month. How can I get financial support?
Apply for a benefits screening at your local Department of Social Services, or check out www.earnbenefits.org for more information on public assistance programs across the nation.
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Paying my heating bill is really hard; can I get any help?
If you are a Maryland resident and need assistance paying your home heating bills, contact the Local Home Energy Programs Office at 1-800-352-1446 or visit online at www.dhr.state.md.us/ohep/local.php.
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What is the deal with payday loans? Should I use one?
Payday loans are short-term cash advances with high interest rates. In Maryland, small-loan interest rates are capped at 33% annually, but some internet resources still charge annual interest rates over 400%! Take caution when thinking about using such financial products; customers often end up paying thousands of dollars on a $200 dollar loan.
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How can I manage my money?
Create a spending plan by examining your monthly expenses and income, and organize them into a spending chart/list. Consider which flexible expenses are wants and which are needs, and try to cut back on a few "wants" (examples include: eating out, entertainment, clothing, cable/internet service). Track your income and expenses for a few months to identify opportunities to make the most of your money!
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What is the Earned Income Tax Credit (EITC)?
The EITC is a federal tax credit that provides a cash refund to eligible families with their annual tax return. The amount of the benefit given is based on income level and number of dependents. There is also a Maryland Earned Income Credit (EIC) which is worth 25% of the federal credit.
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I need help getting affordable housing, what should I do?
Affordable apartments and houses are available through the Department of Housing and Urban Development (HUD). To apply for housing assistance, visit your local public housing authority, which can be found on the HUD website at www.hud.gov.
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Is there a fun and interactive way to learn about managing my money?
Doorways to Dreams ( www.d2dfund.org) seeks to expand access to financial services, especially asset building opportunities, for low-income families by creating, testing and deploying innovative financial products and services.
Recently, they have launched a computer-based game to help celebrity characters get out of debt. Check it our by visiting: www.financialentertainment.org
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I am considering bankruptcy, but I don't have an attorney. Is there any free or low-cost help for people like me?
The Debtors Assistance Project (“DAP”) is a clinic, located at the U.S. Courthouses in Maryland, which provides debtors with an opportunity to meet with a bankruptcy attorney for a cost free half hour consultation.
The DAP is designed to help individuals without an attorney to answer legal questions about bankruptcy, including how bankruptcy may be used to help prevent foreclosure. The DAP cannot provide an attorney to complete your paperwork for you or represent you. If you need representation services after your half‐hour consultation, you can find information on finding an attorney (sometimes at low to no cost) on the Court’s website or in the DAP waiting room. Additional information is available here.
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