$400 Million Available For Michigan Homeowners Facing Foreclosure
LANSING (WWJ) – As difficult as it may be to believe, millions of dollars in financial aid available to support Michigan homeowners at risk of foreclosure remains unspent; in large part because people don’t know it’s there.
That money — almost $500 million in all — was made available by the federal government back in 2010 to help Michigan residents hit hardest in the housing crisis.
Andy Meisner, Oakland County Treasurer is one of those trying to get the word out.
“This is not about playing the blame game. Oh, somebody was irresponsible in borrowing; somebody reached too far for the American Dream,” Meisner told WWJ Newsradio 950’s Jon Hewett. “We’re past that … we’re past that finger-pointing.
“What we’re saying right now, and what I’m saying as the county treasure, is that this is what’s best for the bottom line,” he said.
The money is being distributed by the Michigan State Housing Development Authority.
“There still many households that just don’t know about this,” said the MSHDA’s Mary Townley. “If I can help the family next door to me, then they won’t walk away from that house. And if they walk away from that house, my vault drops.”
About $30,000 is available per family, out of a total $400 million still available in the state.
This money may be used to make mortgage payments while unemployed; help to obtain a principal curtailment or loan modification from a lender; help to assist homeowners who are in a severe financial crisis due to an illness or medical emergency; or help to obtain payment toward outstanding county and local property taxes.
Get more information at www.StepForwardMichigan.org.