Here’s what to do when making your housing payment is a struggle
Over half of Americans have had to make at least one major sacrifice in order to cover their mortgage or rent in the last three years, according to the How Housing Matters Survey.
But if you’re experiencing financial challenges, you don’t have to go it alone. There are homeowner assistance programs that can help:
Michigan State Housing Development Authority (MSHDA) Homeowner Rescue Programs: In 2010, funding was made available to qualifying Michigan homeowners under the Housing Finance Agency’s Hardest-Hit Fund. Call MSHDA toll-free at 866.946.7432, or contact a homeownership counselor in your area to see what you might qualify for. Counselors can be located on MSHDA’s website.
Home Affordable Refinance Program (HARP): The Federal Housing Finance Agency has upgraded HARP so more homeowners can benefit from refinancing. Changes include eliminating or lowering certain fees, more flexible appraisal guidelines, and no “underwater” limits. The current deadline to apply is September 30, 2017.
Home Affordable Modification Program (HAMP): HAMP can adjust your interest rate, extend your term, and reduce or forebear your principal, allowing borrowers to typically save about $500 a month. You may be eligible if you’re struggling due to financial hardship, are delinquent or in danger of falling behind, or if you obtained your mortgage on or before January 1, 2009, and your home hasn’t been condemned. See the Making Home Affordable website for more information. The deadline to apply for this option is December 30, 2016.
Other Home Affordable programs: Other Home Affordable programs include a foreclosure alternatives program, a program that offers relief to the unemployed, and a negative equity program to help you refinance. Information on these programs can also be found on the Making Home Affordable website.
Equal Housing Lender