Montgomery, state partner to help residents fight foreclosure

Montgomery County officials announced agreements with the state Tuesday to fund programs to help residents fight foreclosure while the number of foreclosure sales in Montgomery had increased 1,250 percent from the first quarter of 2007 to first-quarter 2008.

Raymond Skinner, secretary of Maryland’s Department of Housing and Community Development, said Tuesday that the state and county both contributed $100,000 for homeowner counseling services, plus $200,000 each for zero percent loans of up to $15,000 for families facing foreclosure that need time to refinance, and $2.5 million each to guarantee against some losses for local banks that refinance loans for people facing foreclosure.