In radio address, governor says hardest-hit fund will help up to 17,000 homeowners
LANSING, MI – July 12, 2010 – (RealEstateRama) — In her weekly radio address, Governor Jennifer M. Granholm today said a new state fund will help protect thousands of people at risk of losing their homes to foreclosure.
“The Helping Hardest-Hit Homeowners Fund, financed by almost $155 million from the federal government, will be administered by the Michigan State Housing Development Authority,” Granholm said. “As many as 17,000 Michigan homeowners will be able to avoid foreclosure by working out arrangements with their mortgage lenders so they and their families can stay in their homes.”
“Some of these homeowners are currently drawing unemployment benefits and having difficulty making their monthly mortgage payments,” the governor continued. “Others are having trouble keeping up with their mortgage payments because of a medical emergency, or because their household income has declined. Money from the hardest-hit fund will help these homeowners remain in their homes while they and their mortgage lenders work out affordable payment plans.”
Homeowners facing foreclosure can find out if their mortgage loan servicer is participating in the hardest-hit fund by visiting www.michigan.gov/HardestHitor calling 866-946-7432. The Michigan State Housing Development Authority will begin accepting applications from mortgage loan servicers July 12.
The governor said the hardest-hit fund will benefit all Michigan homeowners, not just people facing foreclosure.
“Property values have dropped in many areas of the state, in large part because of the increasing number of abandoned and foreclosed homes,” Granholm said. “So helping families avoid foreclosure and stay in their homes benefits every Michigan homeowner.”
“Michigan’s Helping Hardest-Hit Homeowners Fund will help stabilize neighborhoods throughout the state,” Granholm said. “And for 17,000 Michigan families fighting to prevent foreclosure, it’ll keep their dream of home ownership alive.”
The governor’s weekly radio address is released each Friday and may be heard on broadcast stations across the state. The address is available for download on the governor’s Web site at www.michigan.gov/gov together with a clip of the quote above. The radio address also is available as a podcast on the Web site as well as on iTunes and via RSS feed for general distribution to personal MP3 players and home computers. Links to the audio files and text of today’s address follow.
Governor Jennifer M. Granholm
Radio Address – Hardest Hit
http://www.michigan.gov/documents/gov/Gov257Full_327192_7.mp3
http://www.michigan.gov/documents/gov/Gov257Edit_327193_7.mp3
http://www.michigan.gov/documents/gov/Gov257Quote_327194_7.mp3
Hello, this is Governor Jennifer Granholm.
Home ownership is, of course, the American Dream. But for thousands of Michigan homeowners, the possibility of foreclosure threatens to turn their dream into a nightmare.
Now, a new state fund will help to protect thousands of people struggling to hold onto their homes and their dreams. It’s called the Helping Hardest-Hit Homeowners Fund. The fund, which is financed by almost $155 million from the federal government, will be administered by the Michigan State Housing Development Authority. Michigan was one of the states selected by the Obama administration to receive these funds, and I’m proud to say that our state is the first to set ours up.
The fund begins operations on Monday, July 12, and as many as 17,000 Michigan homeowners will be able to avoid foreclosure by working out arrangements with their mortgage lenders so they and their families can stay in their homes.
Some of these homeowners are currently drawing unemployment benefits and having difficulty making their monthly mortgage payments. Others are having trouble keeping up with their mortgage payments because of a medical emergency or because their household income has declined.
Money from the hardest-hit fund will help these homeowners remain in their homes while they and their mortgage lenders work out affordable payment plans. So if you’re facing foreclosure, here’s how to get help. Go to the following website: www.michigan.gov/HardestHit
Check the website to see if your mortgage loan servicer is participating in the hardest-hit fund. And if so, contact them to see if you’re eligible for assistance from the fund. If your mortgage lender isn’t on the list, keep checking back, because the list will be updated as new loan servicers are added.
The hardest-hit homeowners fund will benefit more than just people facing foreclosure – it’ll help all Michigan homeowners. Property values have dropped in many areas of the state, in large part because of the increasing number of abandoned and foreclosed homes. So helping families avoid foreclosure and stay in their homes benefits every Michigan homeowner.
I want to thank several organizations that have partnered with us on the Helping Hardest-Hit Homeowners Fund. They include the Michigan Bankers Association, Michigan Credit Union League, Michigan Association of Community Bankers, Michigan Association of Realtors, and the Michigan Foreclosure Task Force. Their input was invaluable in putting this initiative together.
Michigan’s Helping Hardest-Hit Homeowners Fund will help stabilize neighborhoods throughout the state. And for 17,000 Michigan families fighting to prevent foreclosure, it’ll keep their dream of home ownership alive.
Thank you for listening.
