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How can I avoid foreclosure if I am falling behind in payments?

Michigan consumers who are having trouble keeping their mortgage payments current may experience anxiety over losing their home and how this will affect their families. The best way to tackle such a dilemma is to be proactive. As soon as you fall behind with mortgage payments, you may want to explore the different ways to resolve the issue. Many consumers choose to obtain the services of a foreclosure attorney who will be able to explain the different options, and after assessing your unique situation, he or she will suggest a way to proceed.

Foreclosure scammers may threaten Michigan homeowners

Michigan residents are likely aware of reports about companies who prowl on struggling homeowners with false promises to save them from foreclosure. The company may advertise its services nationwide on flyers offering to assist homeowners in lowering their mortgage payments and preventing foreclosure. It is reported that one company is facing two lawsuits in different states, and more claims are suspected to follow.

New rule may save heirs from facing foreclosure of family home

When the loved one of a Michigan family dies, the anxiety of the family could be escalated by the complicated process of passing the property to its heirs. Family members who have had no prior business dealings with the mortgage provider may experience difficulties with the transfer of the property. As a result, surviving family members often lose their homes or face foreclosure.

Reverse mortgages lead to irregular foreclosure threats

Michigan residents may want to learn of a matter raising concern among children whose parents opted for reverse mortgages. While reverse mortgages are a way to provide older homeowners with cash for their retirement, statistics have shown that the children of these homeowners are standing to lose the houses soon after their parents' passing. The financial institutions that helped their parents to remain in their homes are now threatening foreclosure against the children.

Michigan homeowners warned about alleged foreclosure scammer

Matters may be improving after the recent recession, but the after-effects may still be causing financial hardship for some Michigan homeowners. Unfortunately, there may always be those who take advantage of the weaknesses of others. Michigan homeowners deserve to be warned about one such individual who was apparently scamming people facing foreclosure.

Michigan homeowners fall prey to foreclosure rescue scams

Operators of foreclosure rescue scams have been active in Michigan, and many homeowners have been victims of their devious promises. The Homeowner Protection Fund has a division that provides restitution for victims of these unscrupulous scammers. The Attorney General has recently announced that $144,542 will be dispersed to over 112 homeowners who fell prey to the Hope4Homeowners foreclosure rescue scam. After complaints from homeowners, investigations were conducted into the activities of Hope4Homeowners. Following the investigation, the scamming company was charged with three counts of violating Michigan's Credit Services Act.

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.

Michigan residents to receive foreclosure assistance

The Michigan State Housing Development Authority (MSHDA) has announced that three agencies are slated to receive funding aimed at helping distressed homeowners. The funding comes from grants obtained through the National Mortgage Settlement, and total nearly $600,000. The state hopes that the agencies receiving these funds will be able to provide much-needed services to homeowners who are facing foreclosure.

Recent study finds Michigan slow to pay out on foreclosure funds

The Congressional Research Service is a nonpartisan group that supports congress with a fact-finding service. It has recently released some startling new information regarding the way many states are handling federal funds. The Hardest Hit Fund was set up by the federal government as one of its initiatives to help with American homeowners who are most at-risk of losing their homes through foreclosure. The CRS study revealed that Michigan is one of the states that have released the least amount of dollars to homeowners from The Hardest Hit Fund.

The foreclosure fight adds an Ann Arbor software firm

A foreclosure is one of the greatest fears that a homeowner in Michigan faces in today's economy. The loss of a home due to a foreclosure can be a devastating moment, and many families have a difficult time recovering from it. An Ann Arbor-based company is joining the fight against foreclosures by developing a software platform that may revolutionize the loan modification process.

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