Michigan has a foreclosure rate of 2.60 percent as of September 2010 which is slightly higher than the national rate according to RealtyTrac, an internet based firm that tracks foreclosures in the United States. Homeowners who cannot afford their mortgages can still save their properties from repossession if they can find, and consequently qualify for a federal loan modification program. The Obama's Home Rescue program has allotted billions of US dollars in order to provide mortgage subsidies for low to moderate income families. In Michigan alone, the federal government has allotted over 400 million dollars to help keep families and their properties protected.
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Michigan homeowners can seek a federal loan modification in the Michigan State Housing Development Authority. This state housing agency aims to provide financial and technical aid to the public by strengthening partnerships in the different sectors of the housing market. It particularly offers mortgage assistance to Michigan homeowners through its various programs such as the Neighborhood Stabilization Plan and the Tenant Based Rental Assistance Program. The Authority hopes to create and preserve a viable community for everyone, provide a decent and affordable housing especially to the unemployed, develop cities and villages, and contribute to the overall economic development in Michigan.
If you are currently missing mortgage payment, you can visit the Michigan State Housing Development Authority and apply for a loan modification, the MSHDA is authorized to administer several federal housing programs in the state. Do not hesitate to ask for more information regarding the various federal loan modification programs available in your state; they have HUD approved counselors that can provide you with foreclosure alternatives especially when your lender denied your loan modification application.
When unemployed, apply for the Unemployed Mortgage Subsidy Program, you can save as much as 50 percent from your monthly loan payment. The government will subsidize half of your mortgage fee while you continue receiving unemployment benefits. If you have experienced financial hardship due to other uncontrollable circumstances before and have missed mortgage payment because of that, apply for Federal Loan Rescue Program. The government can give financial assistance amounting up to 5 thousand dollars for homeowners who need to catch up on their past due payments and make their loan current.
Aside from administering various federal loan modification programs, the Michigan State Housing Development Authority also offers rental and down payment assistance, homeownership counseling, asset building, home improvement and rehabilitation aid, community development and revitalization, historic preservation, etc. For more information and inquiries, contact the MSHDA at (517) 373-8370 or fax them at (517) 335-4797. You may also visit their office at 735 E. Michigan Ave. Lansing, Michigan 48909. You may also log on to their official website at http://www.michigan.gov/mshda.
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