Governor Jennifer M. Granholm Tuesday announced that a new toll-free hotline has been established to help homeowners who are facing mortgage foreclosure get counseling services and advice on how to avoid foreclosure. The toll-free number is 1(866) 946-7432.
Operated by Michigan State Housing Development Authority (MSHDA), the hotline will direct homeowners to a housing counselor in their county or to technical experts in the MSHDA homeownership division. The toll-free hotline sponsored by the MSHDA "Save the Dream" campaign; follows the Governor's recent announcement of two new initiatives introduced in the Michigan legislature to protect homeownership.
"In this tough economy, we need to assist hard-working Michigan families who are falling victim to mortgage foreclosures," Granholm said. "These initiatives will protect families from losing their homes and help stabilize Michigan's housing market."
Earlier this month, Granholm unveiled plans to assist Michigan homeowners facing mortgage foreclosure by offering two new refinancing options to protect their home- ownership. The programs, to be administered by the Michigan State Housing Development Authority (MSHDA), are in conjunction with its "Save the Dream" public awareness campaign to help citizens avoid foreclosure.
The two MSHDA initiatives are:
-- The Adjustable Rate Mortgage (ARM) Refinance Program that will assist homeowners, who have an ARM, in refinancing to a lower-interest fixed-rate loan;
-- The Rescue Refinance Program that will assist individuals who have a delinquency on their mortgage and who are at risk of losing their home.
"We are trying to do everything possible to assist hard-working Michigan families," MSHDA Executive Director Michael R. DeVos said. "This toll-free number will be a first line of defense for people to call to find out if they qualify and what steps to take next."
To qualify for one of the new loan products, that will require legislative approval, homeowners must meet the same income and sales price limits as other MSHDA loan products require. Household income must be under $72,250 and the purchase price of the home cannot exceed $216,750.
The initiatives will be funded by taxable bonds and homeowners will be responsible for paying off the full value of their refinanced mortgages. Rates for the programs will be aggressively priced, ensuring below industry market rates. For more information, call: 866-946-7432. Representatives are available for assistance Monday through Friday, 8 a.m. to 5 p.m.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues.
E-Mail Story
Print Story
