The effects of the 2008 recession had a significant impact on employment rates within the state of Michigan. High rates of unemployment leave many Michigan homeowners unable to keep up with their mortgage payments. Fortunately, federal and state governments have set up programs to provide help with mortgage payments and prevent high incidences of foreclosure throughout the state.
Step Forward Program
Michigan homeowners experiencing financial hardship due to the loss of a job can receive mortgage help through the Michigan Homeowner Assistance Nonprofit Housing Corporation, or MHA. Through a partnership between state and local governments, a program known as "A Step Forward" offers mortgage payment assistance for homeowners who've fallen behind in their mortgage payments and mortgage modification options for homeowners at risk of foreclosure. People currently receiving unemployment benefits can apply for mortgage help through an online application site at stepforwardmichigan.org.
Loan Refinancing Programs
The Michigan State Housing Development Authority, or MSHDA, offers mortgage help for the unemployed as well as for people unable to afford their existing mortgage debt. The MSHDA Assist Refinance Program and Rescue Refinance Program provide refinancing assistance for homeowners with high adjustable rate and fixed rate mortgage loans. Through these programs, homeowners can obtain lower interest rates on existing loans or refinance an existing mortgage for a 30-year fixed rate conventional loan. The Rescue Refinance program specifically targets homeowners approaching or at the 90-day late payment mark on their mortgage loans. Homeowners interested in the Rescue Refinance Program must have a minimum credit score 575 with scores no higher than 619. For the Assist Refinance Program, eligible applicants must have a yearly income of less than $108,000 with a minimum credit score of 600 or more. Homeowners wanting more information on MSHDA mortgage help programs can contact Neighborhood Legal Services of Michigan.
Home Affordable Program
The Home Affordable Modification Program, or HAMP, exists as a federally funded effort to help unemployed homeowners in Michigan and other states with keep up with their mortgage payments. The overall purpose for HAMP is to provide homeowners with a way to reduce or suspend their mortgage payments while they look for work. Eligible applicants must apply before they reach the 90-day late payment mark for missed mortgage payments. Only mortgages originated on or before January 1, 2009, can qualify for HAMP assistance. Once approved, applicants may have to make partial monthly mortgage payments, though payment amounts will not exceed 31 percent of a person's gross monthly income. The HAMP program works in partnership with mortgage lenders across the country. Interested homeowners should contact their mortgage lender to apply for program assistance.
Unemployment Mortgage Subsidy
Through partnership agreements between the Michigan State Housing Development Authority and state mortgage lenders, Michigan homeowners can qualify for subsidy assistance to help with mortgage payment obligations while unemployed. The MSHDA awards a one-time subsidy award per borrower, according to the Michigan Credit Union League's resource site. Subsidy awards cover 12 months worth of mortgage payments for unemployed homeowners, with a maximum award amount of $9,000. In effect, borrowers enter into a loan contract with the MSHDA that has a five year payoff requirement. Interested homeowners should contact their mortgage lender to apply for subsidy assistance.
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