Radio Address: Granholm Says New State Fund Will Protect Thousands from Foreclosure
In this week’s radio address, Governor Granholm said a new state fund will help protect thousands of people at risk of losing their homes to foreclosure.
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.
