Michigan assistance with foreclosures and help with mortgage

Find mortgage assistance in all cities including Detroit and Grand Rapids. You can also find additional aid programs in Michigan that will help residents with paying other types of bills. More.

The Michigan State Housing Development Authority (MSHDS) currently offers two mortgage refinance programs that will assist families and individuals who currently have a higher interest fixed rate loan or an adjustable rate mortgage. These programs will help reduce and stop mortgage foreclosures. In addition, Michigan has just passed a 90 day foreclosure moratorium.

MSHDA Assist Refinance Program
The MSHDA Assist Refinance program will provide qualifying homeowners that have either an adjustable rate mortgage or a higher interest fixed rate mortgage with an opportunity to refinance their current mortgage loan into a lower interest fixed-rate loan.

• 30-year fixed rate conventional mortgage loan
• Very competitive, affordable interest rates
• Maximum mortgage amount is $224,500
• Borrowers need to occupy the home as their primary residence in order to receive help
• Annual household income needs to be under $108,000 per year
• The property must be a site condominium or a single-family home. No manufactured housing or attached condominiums are allowed
• While a minimum credit score of over 600 is required, loans are reviewed on a case by case basis
• Homeowner counseling and education is required, with a focus on how to pay bills and debt

MSHDA Rescue Refinance Program
The Rescue Refinance program will help as well by allowing eligible homeowners who may have had up to three 30-day late payments on their current mortgage the ability to refinance their mortgage into a competitive, lower interest fixed-rate loan.

• 30-year fixed rate conventional mortgage loan
• Affordable and competitive interest rates.
• The maximum mortgage amount/appraised value is $224,500.
• A borrowers must occupy the home as their primary residence, and no investment or second homes are eligible. Also, the property must be a site condominium or a single-family home.
• A minimum credit score of 575 is needed, with a maximum credit score of 619. However, all applicants and loans are reviewed on a case by case basis.
• Homeowner education and counseling is required.

Michigan Foreclosure Mediation
Michigan has enacted another law aimed at reducing the number or stopping foreclosure that continue across the state. The state of Michigan is trying to ensure that lenders and homeowners are in contact with each other, an d that all possible alternative to a foreclosure are explored. This meetings and foreclosure medication sessions will now be required by law. More.

The Michigan Foreclosure Prevention Project
This is a foreclosure assistance program, or project, that was created from various government and private industry grants. The program created a partnership of law offices located across Michigan that will assist homeowners who are facing a foreclosure. Read more on the Michigan Foreclosure Prevention Program.

Read how to get mortgage assistance from Countrywide (now Bank of America), which is offering mortgage help to residents of Michigan. Or find additional ways to get help with your mortgage. Continue.

Assistance from the Michigan Hardest-Hit Fund

Tens of millions of dollars in federal funds are being provided to Michigan to help people avoid a foreclosure filing. Click here to read more.

The Michigan Hardest Hit Fund can assist homeowners who have lost their jobs and are receiving unemployment benefits, individuals who have a reduction in income or medical emergency.

Oakland Michigan Foreclosure Prevention

The Oakland County Treasurer's Office, United Way, and other non-profit organizations have partnered together to launch a new foreclosure prevention initiative. Counselors will work directly with the homeowner and their lender to negotiate new loan terms and try to find other solutions. The program is free to Oakland and Wayne County families. Read more on the new housing assistance program.