Help is on the way for the thousands of Prince George’s County homeowners who fear foreclosure. The state of Maryland is teaming with the county government to provide millions to back up banks in an effort to encourage lenders to refinance bad mortgage loans.

Prince George’s County was one of the hardest hit in the region on subprime loans.

Speaking at a Riverdale Park church Tuesday, Gov. Martin O’Malley, Prince George’s County Executive Jack Johnson and Maryland Department of Housing and Community Development Secretary Raymond Skinner announced the partnership. Under the agreement, the state will provide $2.5 million from the Maryland Housing Fund to augment $1.5 million of county funds for a “refinanced mortgage credit enhancement program.”

The majority of this $4 million will fund insurance risk coverage for banks willing to refinance mortgages of Prince George’s homeowners facing foreclosure. According to county spokeswoman Denise Roberts, this reserve will cover 40 percent of a refinanced loan if a borrower defaults.

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“These loans will be for homeowners that fit specific criteria,” Roberts said. The original loans must be adjustable-rate or subprime mortgages, and homeowners must have a credit score above 550, be the primary resident of the property and not be delinquent over 59 days.

Montgomery reached an agreement with the state last March, in which the state and county governments match dollars to prevent foreclosures in a similar way. According to the Montgomery County Department of Housing and Community Affairs, the county also funds and manages credit counseling programs for those residents close to defaulting on their loans. The state equally matches the $100,000 of Montgomery taxpayer funds as a part of the agreement.

Like with Montgomery, the Prince George’s program also includes plans to support the six area counseling centers for those borrowers who qualify. Skinner emphasized the need for homeowners to be educated about mortgage loans, especially if residents fear they may lose their homes. He encouraged homeowners to contact Maryland’s Homeowners Preserving Equity, or HOPE, program.

“Please call us,” Skinner said. “If your mortgage is late, don’t wait.”