17K Homeowners To Get Federal Mortgage Help 7-12-2010 - WNEM TV 5

17K Homeowners To Get Federal Mortgage Help 7-12-2010

More than 17,000 Michigan homeowners could avoid foreclosure following the state's new $154.5 million program, called the Hardest Hit Homeowners Fund.
Officials said distribution of the money should start Monday and will be served on a first come basis.
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Some of the funds will go to 11,000 homeowners who are currently drawing unemployment benefits and are struggling to make monthly mortgage payments.
"When homeowners can't make their mortgage payments it can be devastating," said Gov. Jennifer M. Granholm. "These funds will help unemployed Michigan homeowners, and those who have fallen behind due to unforeseen circumstances such as a medical emergency, work out arrangements with their mortgage lenders so they can remain in their homes."
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In February, President Barack Obama announced $1.5 billion in funding for innovative measures to help families in the states that have been hit the hardest by the aftermath of the housing bubble.
Michigan will be the first of the nation's five state HFAs to implement its plan.
Michigan’s Helping Hardest Hit Homeowners plan is designed to provide:
  • Mortgage payment assistance for homeowners currently receiving unemployment compensation,
  • Rescue funds for homeowners who have fallen behind in their mortgage payments due to no fault of their own and who have overcome this obstacle, and
  • Federal matching funds for principal reductions for homeowners who can no longer afford their mortgage payments as a result of reduced income.

Homeowners and loan providers are required to submit applications for approval by the Michigan State Housing Development Authority. Reports suggest it could take up to 18 months before Michigan distributes all the funds.
You can call 888-995-HOPE (4673) for more information or visit Helping Hardest Hit Homeowners for full details.
What are the different options available to homeowners under this proposal?
Michigan’s plan to distribute $154.5 million in federal Hardest-Hit Funds includes three options:
  • Mortgage payment assistance of up to $9,000 per household for homeowners currently receiving unemployment compensation,
  • Rescue funds up to $5,000 per household for homeowners who have fallen behind in their mortgage payments due to an involuntary inability to pay, such as a temporary layoff or medical emergency and have overcome this obstacle, and
  • Federal matching funds up to $10,000 per household for principal reductions for homeowners who can no longer afford their mortgage payments as a result of reduced income.

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