Even if the foreclosure process has begun, there are Federal and State Government Assistance programs, as well as Local Non-profit programs available to help you stay in your home.
MOST PROGRAMS WILL REQUIRE THESE THINGS TO GET STARTED:
Your monthly Mortgage Statement
Recent Income (Paystubs/Benefits) + Tax Documents
Two most recent bank statements
Unemployment Documentation (if applicable)
A letter describing your circumstances
COVID-19 Foreclosure Prevention
Due to COVIID-19, many loans can qualify foreclosure prevention assistance.
Some requirements to qualify:
-Homeowners who are adversely impacted by the pandemic
-Foreclosure sales and evictions can be suspended for 60 days from date of foreclosure
-Credit bureau reporting of past due payments can be suspended
-Homeowners in a forbearance plan will not incur late fees
The next step is to contact your lender as soon as possible to let them know that DUE TO COVID-19 you are unable to make your payments.
National Mortgage Help
The Government created the Making Homeownership Affordable program where homeowners work with a Housing Counselor and their mortgage company to either modify or delay the payments to their mortgage company.
If a mortgage modification is made, a homeowner has to update their documentation every 30 days to confirm they still qualify for the program and can earn incentives for paying their new mortgage payment on time.
Michigan Mortgage Help
The Michigan State Housing Development Authority (MSHDA) works with homeowners in the State of Michigan by providing up to $30,000 in an interest free loan to help with mortgage, property taxes, and insurance payments that have been missed.
The program is forgivable at 20% a year as long as the homeowner continues living in the home but there are restrictions on selling the property if a homeowner uses this program.
Our team are experts at working with MSHDA for resale on this program so contact us before selling if you’ve used this program in the past to know what to expect at closing.