Program aimed at preventing foreclosure 3.18.09

Posted in 2009 March

Michigan State Housing Development Authority (MSHDA) Executive Director Keith Molin last week announced the receipt of contingent awards in the amount of $2.4 million to support Michigan’s foreclosure prevention counseling efforts and $617,646 in Legal Assistance Funds.

The much-needed boost will enable the MSHDA to provide more foreclosure counseling than ever before to Michigan homeowners in danger of losing their homes. The announcement of the grants coincides with the launch of a public service media campaign—including print, television, radio and web messages—that urges homeowners to call MSHDA counselors before they miss a payment.

The best chance for Michigan homeowners in financial trouble to keep their homes is to address financial issues and work with their mortgage lenders early, before it’s too late.

“These grants are good news for Michigan’s economic recovery and especially good news for homeowners caught in the throes of the mortgage crisis,” Molin said. “The grants will help thousands of homeowners get the necessary guidance, or legal assistance if needed, to prevent the foreclosure process and ‘Save the Dream’ of homeownership.”

The grant to support Michigan’s foreclosure intervention efforts was provided by funds from the National Foreclosure Mitigation Counseling Program. The initial funding was provided by Congress in the 2008 fiscal year.

“We are delighted to have had a role in bringing these funds to Michigan through a laborious grant process that was well worth the effort,” Molin said. “As a result, our homeownership counselors will be even better equipped to help homeowners here in Michigan with foreclosure prevention efforts.”

Before you miss a payment, make the call, and be directed to a foreclosure prevention homeownership counselor, at MSHDA’s toll free “Save the Dream” hotline at 866-946-7432, or visit the Web site at www.michigan.gov/mshda and click on the “Save the Dream” icon.

MSHDA’s vision in the 21st century is to improve the quality of life for all Michigan residents and create vibrant communities by focusing on providing safe, affordable housing through homeownership and rental programs; ending homelessness; and revitalizing neighborhoods and downtowns.

MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For information on this and other MSHDA programs, visit the Web site at www.michigan.gov/mshda.=

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