State Housing Authority Announces New Program for Under-Employed Homeowners Struggling to Prevent Foreclosure

Michigan State Housing Development Authority (MSHDA) Executive Director Gary Heidel has announced that the U.S. Department of Treasury approved revisions to Michigan’s Hardest Hit Funds programs allowing MSHDA to enhance their existing programs and introduce a new program that may help many under-employed homeowners throughout the state. The program changes went into effect July 1 and will increase homeowner and property eligibility as well as raising the funding limits. The Modification program provides help for homeowners that have fallen behind on their mortgage and are still struggling to make their monthly payment. The maximum program reservation is $20,000, and the funds are used to pay the delinquent amount so the lender can modify the existing mortgage terms to get the homeowner to a more affordable or sustainable payment. The new Modification Plan is in addition to three existing programs which have been enhanced – all designed to help qualified homeowners prevent foreclosure because of unemployment, under-employment, catastrophic medical costs, divorce, and other life-changing events as well as situations occurring because of the less-than-favorable economic environment.

MarketWatch

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s