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Michigan residents may have options other than foreclosure

Michigan residents may have other options when facing the difficulty of foreclosure. The Michigan State Housing Development Authority offers assistance to homeowners facing foreclosure through funds set aside for hardship assistance. Homeowners facing foreclosure must act quickly to claim financial assistance and there are certain qualifications which much be met.

The process of applying and qualifying for this assistance can take several months, so residents still owing on taxes from 2011 and facing foreclosure should seek help soon. Michigan residents who could qualify for financial assistance could must be able to prove that their hardship was caused by circumstances beyond their control. Some of the acceptable reasons can include loss of job, death, divorce, income reduction and more. This is a welcome program for families affected by the financial troubles of the state, particularly in the hard-hit Detroit area.

The name of the program is Step Up Michigan and can provide financial support for homeowners owing taxes on up to two previous years. By allowing homeowners to catch up on taxes, not only can they save their homes, they can avoid other costly fees and fines. Also included under the Step Up Michigan program are loan modifications, unemployment mortgage subsidy programs and loan rescue programs.

When facing the difficult situation of a foreclosure, it is important that residents seek help from someone experienced in foreclosure cases. Michigan homeowners may have more options that they originally realized, through programs such as Step Up Michigan. Each case is different, so a case evaluation can help determine all available options.

Source: sentinel-standard.com, MSHDA funds available to help local homeowners avoid foreclosure, Karen Bota, Jan. 13, 2014

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