$128.4 Million More to Help Hardest-Hit Homeowners (Monitor: August 16, 2010)
On Aug. 11, Gov. Granholm announced another $128.4 million from the federal government to help unemployed homeowners in Michigan. The Michigan State Housing Development Authority (MSHDA) will administer the money, along with the $154.5 million in the original Help for Hardest Hit Homeowners fund. Thirty individual credit unions along with CUSOs Mortgage Center and Member First Mortgage, are now working with MSHDA, making more than 200 credit unions across Michigan involved. Dort FCU was the first financial institution in Michigan to work with a homeowner to take advantage of the program.
The original fund is expected to assist as many as 17,000 Michigan homeowners avoid foreclosure, and another 13,000 could be helped by the new appropriation. There is no limit on the number of lenders that can participate, but funds are available on a “first come, first served” basis only, so credit unions that have not already signed up are encouraged to do so as soon as possible. Program training is being offered by MSHDA; events and schedules are posted on www.mittac.org. Key documents and program details are available at the MCUL’s MSHDA Hardest Hit Fund webpage, and also at MSHDA’s website. Credit unions are encouraged to contact MSHDA, if necessary, to discuss individual cases to see if they fit the program. Contact Mary Townley (Townleym1@michigan.gov 517-373-6864), Jodi Mercer (Mercerj1@michigan.gov 517-373-6208) or Katy Twining (firstname.lastname@example.org 517-241-0722).