Mortgage Foreclosure Michigan

Mortgage Foreclosure Michigan
mortgage foreclosure michigan
mortgage foreclosure michigan
mortgage foreclosure michigan
mortgage foreclosure michigan

How to Get Mortgage Assistance When Unemployed

The latest attempt to rescue the US from an unprecedented housing crisis is set to be implemented. State housing finance agencies across the nation were challenged be the Obama Administration to propose innovative programs to assist those having trouble making their mortgage payments.

The funds for these state government mortgage assistance programs will come from the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, established in February 2010. The federal fund was just one of the many housing recovery programs established to stimulate economic recovery. This particular fund was created help homeowners in states with the sharpest decline in housing prices (over 20%) and unemployment rates exceeding 12%.

The goal of the fund and the state programs are to rescue homeowners from certain foreclosure because of unemployment, underemployment, or medical crisis.

The US Treasury has already approved housing finance agency programs in Arizona ($125.1 million), California ($699.6 million), Florida ($418 million), Michigan ($154.5 million), and Nevada ($120.8 million). Additional programs are expected to be approved in North Carolina ($159 million), Ohio ($172 million), Oregon ($88 million), Rhode Island ($43 million), and South Carolina ($138 million).

As an example of the type of mortgage assistance provided in these approved programs' we'll take a look at the first to be implemented, Michigan State Housing Development Authority's (MSHDA) program.

Michigan's Helping Hardest Hit Homeowners plan is structured to provide the following assistance:

• Help unemployed borrowers make mortgage payments,
• Assist unemployed borrowers or those hit by medical crisis to catch up on missed mortgage payments, and
• provide matching dollars to assist homeowners reduce the principal on homes they can no longer afford due to reductions in income.

Even before implementation some states are asking for more. Michigan's Governor Jennifer Granholm stated, in her recent announcement of the new mortgage assistance, that she will be asking the Obama Administration to also consider expanding the program to "Michigan's long-term unemployed whose benefits have expired."

The big caveat in all of these government home loan assistance programs is the need for servicer participation. There's no requirement for any of these mortgage servicers to participate or even assist these borrowers headed for foreclosure.

Mortgage servicers are the mortgage lenders and specialty companies that actually manage these mortgages. There job is to collect payments, manage escrow, and make adjustments and modifications to these loans on behalf of investors that own the home loans in packaged into mortgage-backed securities.

Homeowners currently receiving unemployment compensation, have experienced unexpected medical expenses, or have had a significant reduction in income should contact their mortgage servicing agency immediately. Use the contact information typically available on your mortgage payment statement and ask about available government assistance.

Like a loan modification this process is likely to be tedious and frustrating, but good consistent effort may bring some mortgage relief.

About the Author

Learn more about Michigan's Helping Hardest Hit Homeowners. program. Hall Financial, a Michigan mortgage lender, is always ready to assist you with any home buying or refinance questions.

House Facing Foreclosure what can i do?

so straight to business i live in michigan, my house is facing foreclosure we have to pay 600 dollars a month and with the bad economy its impossible to do on a 7.40 a hour job not to mention the high gas prices and food cost rising over the pass 5 years...my dads to old to work and has been going to college just for he could use his pal grant to pay the mortgage but he cant get his next pal grant till october so its lights out if i cant find a solution does anyone know of any government programs that can help me...we use food stamps but they only help a little as theres other necessities in life that people need toothpaste,soap,shampoo etc. anything that could help the situation would be great but from the looks of things either its a secret or no one seems to care about all these people losing their homes and id prefer not to live on the streets

go to your local "food stamp" office and talk to them, because in the state I live in, they do help people out in those situations (they have a program for people who can't afford to pay their electric bills and etc.)

also, talk to them about places that give away nessesities like those you are speaking of (we have that here too) they can give you alot more insight than someone over the computer can.

there are programs to help people like you in those situations. if worse comes to worse, sell items on ebay that you think are of good value. cut back on things, get rid of your cable/tv and just watch movies. if u have more than one tv, sell them. if you have two cars but dont need them, sell one.

Stop Mortgage Foreclosure in Southeastern Michigan