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Governor Granholm is touting a new state fund she says will help up to 17,000 Michigan homeowners avoid foreclosure. But you’ll need to lean on your lender to take advantage. The “Helping Hardest-Hit Homeowners Fund” is financed by $155 million in federal government funds. It will be administered by the Michigan State Housing Development Authority.
To take advantage of the fund, you’ll need to qualify through your mortgage lender. Not all loan servicers are participaing in the program, so you must contact your servicer directly to see if you are eligible.
Gov. Granholm said the idea is for homeowners to work out payment arrangements with their lenders so they can stay in their homes. She told WWJ that the program is for homeowners in three different categories.
“Those who are unemployed and who are having difficulty making their mortgage payment — the second cluster is for those who have faced an emergency of some sort, and have maybe skipped a payment, maybe it’s a medical emergency. We want to get them back on their feet,” Granholm said.“Then, the third category is for someone who may have gotten a job, but may be earning a lot less,” she said.
The program begins July 12, 2010.
For more informaion, visit www.michigan.gov/HardestHit.