Michigan offers help to people having trouble making the mortgage payment

January 25, 6:49 PMSoutheast MI Home & Living ExaminerJackie DiGiovanni

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Many Michigan home owners are facing difficult financial situations. According to the Michigan State Housing Development Authority (MSHDA), the aggregate number of foreclosure filings in Michigan has gone from 1 in 119 households (2005) to 1 in 36 households (2007). The numbers continue to rise.

MSHDA is currently running public service announcements on radio and TV to let people know they may qualify for help if they are having a problem making their mortgage payment. The most important part of the message is,

Before you miss a payment, make the call.

The phone number to call  is 866-946-7432.

You can also learn about the programs available from the State at their website.

Click here for information about MSHDA refinancing. The MSHDA Assist Refinance program provides qualifying homeowners who currently have an adjustable rate mortgage or a higher interest fixed rate mortgage with an opportunity to refinance their mortgage into a lower interest fixed-rate loan.

Click here for information about the Save the Dream program. MSHDA's Save the Dream Campaign includes helpful information on our Web site that assists homeowners who are experiencing financial difficulties or facing foreclosure, our statewide network of homeownership counselors, a second mortgage program to assist current MSHDA borrowers, and refinance programs available to eligible homeowners.

Click here for information about down payment assistance. For many low-to-moderate income home buyers and persons with disabilities, saving money for a down payment can be a challenge. Michigan State Housing Development Authority (MSHDA) has programs to help you buy your dream home sooner.

Click here for information about asset building. Individual Development Accounts (IDAs) are matched savings accounts that help low-income families save toward the purchase of their first home, post-secondary education, or to start a small business.

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