Gov. Jennifer Granholm and the Michigan State Housing Development Authority announced on Wednesday how $154.5m in federal funding would be spent to keep unemployed and underwater borrowers in their homes. The measures include payment assistance, rescue funds for those who have fallen behind, and matching funds to lower the principal. Banks and credit unions would work with borrowers to determine eligibility and best available options. While previous assistance programs — such as loan modifications — have helped some borrowers, they haven’t addressed those who are unemployed or owe more on their homes than what they are worth. The Obama administration announced the program two months ago, saying five states hardest hit by the housing crisis would share $1.5bn in funding.
17,000-plus Michigan households to get mortgage aid
Most Popular Articles
Latest Articles
11 real estate events & conferences to help you thrive in 2024
Forge new connections at these in-person events and conferences that can help take your career to the next level.
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors
-
Clear Capital extends its partnership with Cherre