Archive for the ‘Avoiding Foreclosures In Michigan’ Category

Stop Foreclosures in Michigan – Will You Let a Foreclosure Destroy You?

Monday, May 18th, 2009

Save The Dream is the proud initiative the Michigan State Housing Department Authority and it is one of those states that takes active interest in trying to sort of the financial problems homeowners might face due to sudden events that set them back financially – the common ones include getting fired from jobs, injury or disability or anything severe that affects a homeowner’s monthly mortgage paying capability. Taking proactive action is necessary is critical times like these since it isn’t just you who is going to be affected. Apart from the fact that your home is at the risk of getting frisked away, your family might be affected too. Follow the steps below if you would like to stop the foreclosure process and save your dream.

Avail Loans to help save your Home:
The MSHDA has plenty of financial plans like secondary mortgages rescue loans to help you stop foreclosure in Michigan and save your home.

  • Pick up the HELP loan: If you have a non-recurring situation or a temporary problem due to which you are unable to make your mortgage payments, you can contact a Homeownership Counseling Agency in Michigan to avail their HELP loan. This is to be used for temporary emergencies only and is limited to maximum of $3000 and is a non-interest bearing loan.
  • MSHDA Assist finance Program: If you currently have an adjustable mortgage loan or a high-interest fixed rate loan MSHDA mortgage, MSHDA allows you to pick up another loan at much lower interest rate, based on certain qualifications and subject to approval, of course.
  • MSHDA Rescue Finance Program: This is the other kind of loan MSHDA provides for homeowners who are qualified but are currently already due to pay their mortgages and are late by 30 days. They may pick this loan and refinance their mortgage by making it into a low-interest, fixed-rate loan.

Other ways to stop foreclosure in Michigan
If you contact an attorney or an MSHDA approved foreclosure prevention counselor, they might be able to asses your personal situation better and might be able to suggest a loan modification, reinstatement or cure, a forbearance agreement or a partial claim.A foreclosure can have devastating effects on your financial holdings, credit reports and credit records. It leaves a permanent scar on your reputation and hence you must try to avoid it all costs. Kick your finances back to life and take some pro-active action to revive your finances and bring your life back into your hands.

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