(a) To qualify for an emergency assistance loan made under § 4-804(4) of this subtitle, an applicant:
(1) shall be unable to keep payments current on the applicant’s home mortgage because of unforeseeable adverse personal or economic circumstances;
(2) shall be at risk of forfeiting title to the applicant’s home; and
(3) reasonably may be expected to resume regular mortgage payments within 24 months after the first mortgage assistance payment is provided.
(b) For an emergency assistance loan under § 4-804(4) of this subtitle:
(1) the Department shall consider the amount of equity in the property; and
(2) the loan may not exceed an amount equal to 36 payments of principal and interest on all superior liens, plus:
(i) late fees;
(ii) taxes;
(iii) insurance payments; and
(iv) other payments needed for the loan to be current.