Unemployed Michigan homeowners may be able to receive help with paying their mortgage from JPMorgan Chase & Co. A new program that was set up in partnership with the state will help homeowners pay a portion of the borrowers mortgage payments for a period of time of up to one year.
Chase funds are being provided and addition to assistance that is available as part of Michigan's Hardest Hit Fund. The fund is another federal government funded program that helps qualified borrowers in Michigan by paying up to half of their mortgage payments for up to 12 months, saving them thousands of dollars in expenses and helping prevent foreclosures across the state.
The help being provided by JPMorgan Chase will be available for those thousands of Chase customers who are behind on their monthly mortgage payments and who have lost their jobs as a result of the weak economy. Funding may even be available for those unemployed borrowers who are current but who may soon fall behind. The exact terms and details are still being worked on, but Chase said it will roll out the mortgage program once the Michigan State Housing Development Authority has all the logistics and terms in place.
To learn more about this assistance, dial 866-550-5705. When a homeowner calls Chase to inquire about the program or to apply, a housing counselor will ask basic eligibility questions and then send an application package to the homeowner by overnight delivery. Complete the application timely and provide all the necessary paperwork. If the application is approved by the lender, payment help will begin.
As an example of how the program works, an unemployed borrower who has been making a $1,500 per month payment on their home loan for principal, property taxes, interest and homeowners insurance may be enrolled in the program and be eligible to pay only $750 per month, with the state of Michigan paying the difference.
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