A new program released by the Obama Administration is targeted toward the 5 hardest hit states for home loan assistance.
The Homeowner Assistance Program is geared toward unemployed people, those with high medical bills, or significant reduction in income.
The first of these home loan rescue programs to be implemented is in Michigan, by the Michigan State Housing Development Authority (MSHDA). Michigan’s Helping Hardest Hit Homeowners plan is structured to provide the following assistance:
- Help with mortgage payments for homeowners currently on unemployment,
- Catching homeowners up on missed mortgage payments due to unemployment or medical crisis, and
- Federal matching dollars to assist homeowners with principal reductions on homes they can no longer afford due to reduced income (underemployment).
The only glitch is the loan servicer does not have to participate. My guess some will, most won’t but if your situation is one of the above, call your loan servicer, then contact MSHDA to see if you will qualify for the assistance. $54.5 Million has been allocated for Michigan.
The Home Loan Assistance Program goal is to help prevent homeowners from loosing their homes to foreclosure due to loss of income, job or high medical expenses.