Michigan assistance with foreclosures and help with mortgage.
Find mortgage assistance in all cities including Detroit and Grand Rapids. You can also find additional financial aid programs in Michigan that will help residents with paying other types of bills.
The Michigan State Housing Development Authority (MSHDS) currently offers two mortgage refinance programs that will assist families and individuals who currently have a higher interest rate fixed loan or an adjustable rate mortgage. These programs can help reduce and/or stop mortgage foreclosures by making your loan more affordable. In addition, Michigan has passed a 90 day foreclosure moratorium, and this can be combined with the two options for homeowners are below.
MSHDA Assist Refinance Program
The MSHDA Assist Refinance program will provide qualifying homeowners that have either an adjustable rate mortgage or a higher interest fixed rate with an opportunity to refinance their current mortgage into a lower interest fixed-rate loan. Call Neighborhood Legal Services of Michigan at (313)964-1975 for more information or to apply. Some of the benefits and conditions are below.
- 30-year fixed rate conventional mortgage loan
- Very competitive, affordable interest rates
- Maximum mortgage amount is $224,500
- Borrowers need to occupy the home as their primary residence in order to receive help
- Annual household income needs to be under $108,000 per year
- The property must be a site condominium or a single-family home. No manufactured housing or attached condominiums are allowed
- While a minimum credit score of over 600 is generally required, loan applications are reviewed on a case by case basis
- Homeowner counseling and education is required, with a focus on how to pay bills and debt
MSHDA Rescue Refinance Program
The Rescue Refinance program will help as well by allowing eligible homeowners to refinance. The program is for those residents who may have had up to three 30-day late payments on their current mortgage. They now have the ability to refinance into a competitive, lower interest fixed-rate loan. Dial (313)964-1975 for more information, or additional terms and conditions include:
- 30-year fixed rate conventional mortgage loan.
- Affordable and competitive interest rates.
- The maximum mortgage amount/appraised value is $224,500.
- A borrowers must occupy the home as their primary residence, and no investment or second homes are eligible. Also, the property must be a site condominium or a single-family home.
- A minimum credit score of 575 is needed, with a maximum credit score of 619. However, all applicants and loans are reviewed on a case by case basis.
- Homeowner education and counseling is required.
Michigan foreclosure mediation
Michigan has enacted another law aimed at reducing the number of or stopping foreclosures that continue to occur across the state. The state of Michigan is trying to ensure that lenders and homeowners are in contact with each other, and that all possible alternatives to a foreclosure are explored first. This meeting and foreclosure mediation sessions will now be required by law. Read more Michigan foreclosure mediation.
The Michigan Foreclosure Prevention Project
This is a foreclosure assistance program, or project, that was created from various government and private industry grants. The program in effect created a partnership of law offices located across Michigan that will assist homeowners who are facing a foreclosure. Legal aid, counseling, and other services are offered to those who qualify. Read more on the Michigan Foreclosure Prevention Program.
Read how to get mortgage assistance from Countrywide (now Bank of America). The lenders are offering mortgage help to residents of Michigan. Or call BOA in order to find additional ways to get help with your mortgage.
Assistance from the Michigan Hardest-Hit Fund
Tens of millions of dollars in federal government funds are being provided to Michigan to help people avoid a foreclosure filing. Click here to read more.
The Michigan Hardest Hit Fund can assist homeowners who have lost their jobs and are receiving unemployment benefits, individuals who have a reduction in income or medical emergency. It is a crisis type resource for residents.
Detroit Michigan mortgage and foreclosure help
Get a listing of organizations and non-profits, as well as HUD counselors and law firms, that can offer residents of Detroit and Wayne County foreclosure assistance programs. Low income homeowners may receive free counseling and support. More Detroit foreclosure prevention.
Oakland Michigan Foreclosure Prevention
The Oakland County Treasurer's Office, United Way, and other non-profit organizations have partnered together to launch a new foreclosure prevention initiative. Counselors will work directly with the homeowner and their lender to negotiate new loan terms and try to find other solutions. The program is free to Oakland and Wayne County families. Read more on the new housing assistance program.
Help with mortgage payments from JPMorgan Chase & Co
National lender JPMorgan Chase & Co is providing help to unemployed homeowners in Michigan. The lender will help pay up to a years worth of payments. Click here to learn more about this Michigan mortgage assistance program.
Macomb County and Michigan State University
The University of Michigan has various extension units around Macomb County and the state that homeowners can turn to for help in dealing with a foreclosure. The programs can even provide advice on how to pay a mortgage even before the homeowner receives a foreclosure filing. As is always the case, the earlier you ask for help and advice, the easier it is to prevent a foreclosure or to save your home. Continue reading on the Michigan State foreclosure assistance programs and services.
Washtenaw County foreclosure and property tax help
A program offered by the county helps homeowner who are behind on their mortgage payments avoid a foreclosure. Assistance is also provided for those individuals who are struggling with other housing related expenses, such as property taxes. More on Washtenaw foreclosure programs.
Non-profit housing agencies
The federal government has certified many non-profit agencies across the state of Michigan. These locations now offer HUD approved housing and foreclosure counseling. Find a listing of agencies and resources that they provide. More on Michigan HUD agencies.
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