Foreclosure Prevention - State Programs
State Programs to Prevent Foreclosure:
The Michigan State Housing Development Authority (MSHDA) received money from the federal government in 2010 to develop programs to assist Michigan homeowners with preventing foreclosure. MSHDA developed a website where applications can be taken right online. MSHDA’s program, Step Forward, has three different ways it can assist:
- Unemployment Subsidy: If you are receiving unemployment, then MSHDA may be able to pay half of your mortgage payment, up to $750, for one year.
- Rescue Fund: If you are delinquent and just need your mortgage brought current so you can resume normal payments, then MSHDA may be able to assist with up to $10,000 towards the delinquency.
- Principal Curtailment: If your lender is willing to contribute money to pay down your principal balance so they can do a modification to lower your payment, then MSHDA may be able to match that amount dollar for dollar up to $10,000.
There are more rules and restrictions on these programs than stated above. To get more information, feel free to contact a counselor at Home Repair Services at 616-241-2601 to set up an appointment or go directly to www.Stepforwardmichigan.org
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