Today was the first day of the Michigan Hardest Hit program. The program was designed to pay $5,000 to $10,000 toward the mortgages of up to 17,000 homeowners that are expected to qualify. It offers mortgage-payment assistance for those receiving unemployment benefits, funds for homeowners who have fallen behind on mortgage payments because of a temporary layoff or medical emergency, and matching funds for principal reductions for homeowners who can't afford mortgage payments because their income was cut. That's the good news. The bad news? The program is completely voluntary for lenders, and as of now major lenders such as Bank of America and Citibank have not committed to the program.
A list of participating lenders here.
No comments:
Post a Comment