New Program To help homeowners avoid foreclosure

Well good morning Wednesday. I am very glad to bid Tuesday goodbye. Monday was so fun, Tuesday was bound to be a disappointment regardless of what it delivered. What it did deliver was a dead car that had to be towed and everything that comes with it. Canceled appointments and the inability to run and get lunch, or a cappuccino, or Adam Lambert’s CD that I really wanted to pick up, having been dazzled and glittered at his Monday night performance at the Chesaning Amphitheatre. There was one bright spot in Tuesday, though, that came across my desk. It looked like this…

LANSING – Governor Jennifer M. Granholm today announced that the Michigan State Housing Development Authority (MSHDA), along with banks, credit unions and nonprofit counseling agencies, will launch a statewide program to help eligible Michigan homeowners avoid foreclosure by participating in the state’s new $154.5 million Helping Hardest-Hit Homeowners Fund.

Whoa! I am loving the Governor right now! This money is part of the $1.5 billion that President Obama announced back in February would be used to fund “innovative measures to assist families in the states that have been hit hardest by the aftermath of the housing bubble.”

Despite the controversy surrounding the whos, hows, and whys of the foreclosure boom, many hard working responsible home owners have been victimized. Those are the folks being targeted by this new program.

Those who may be eligible include Michigan homeowners who are currently receiving unemployment compensation, homeowners who have fallen behind in their mortgage payments or taxes due to a temporary layoff or medical emergency, and homeowners who can no longer afford their mortgage payments due to lower household income.

This is good news for all of us. Just like the big businesses whose failure would negatively impact everybody, regardless of how we felt about their financial success – the success of homeowners in keeping their homes is crucial to the repair of our economy and the wellness of our neighbors and communities.

And KUDOS to those in charge for hatching this great plan right on the heels of the Home Buyer Credit closing extension! It almost feels like someone in charge is sensible and CARES doesn’t it?

Applications just started being taken this week so keep in mind this is a new program. It’s likely to be slow and frustrating but apparently MSHDA is hiring extra help to assist in the processing of the applications. So if you are having difficulty making your payments, call your mortgage servicer right away to see if you qualify for the program. And tell everyone you know about it. It’s easy to complain and grumble about government. “Where’s MY bail out?!” Well, here’s another piece of it. It’s up to YOU (me, him, her, us) to place the call and make it happen.

Now back to Adam Lambert… I was fired for attending the concert. Do you think that’s fair?  I saw many of you, my crazy fun buyers past and present, at the show which was very cool. I’ll just keep showing up to work and see if anyone notices. Shhhh. Don’t tell.