The Helping Hardest-Hit Homeowners is a federal government initiative aimed at lowering the number of Flint distressed properties for sale by providing assistance to local homeowners who are having difficulties paying their mortgages. Recently, Dort Federal Credit Union got the initiative rolling by being the first credit union in Michigan to assist a borrower through the program.
Owners of distressed homes in Michigan have welcomed the latest effort from the federal and state governments and have also taken in the positive impact of local credit unions' participation. Dort FCU has recently played its role in keeping a couple in their home wherein they had lived for 30 years. So far, the credit union is working on eight to ten applications from troubled homeowners.
With the number of distressed homes for sale continuing to increase in the area, more homeowners are taking advantage of the assistance offered by the federal program. Under Hardest Hit, funds with a total worth of $154.5 million are available to families in the state who are facing foreclosures. Local authorities estimate that around 17,000 households will be helped by the latest initiative.
Owners of Flint distressed properties for sale, and other distressed property owners from various areas of Michigan, can get assistance from the Hardest Hit effort that can be worth as much as $9,000 per home to assist in paying the mortgage if they are out of job and receiving unemployment benefits. For those households that have recently encountered obstacles, like a medical or health-related emergency, temporary job loss and delay in payment, a maximum amount of $5,000 might be available to them.
For those who are unable to pay their mortgages due to income reduction, they can avail of loan principal reductions that can be as high as $10,000 per home. Real estate analysts have stated that the latest initiative is quite good since it helps homeowners keep their mortgages current and eases the burden for residents somehow.
In Michigan, around 90 lenders are involved in the program while three credit unions are also participating. These participants have advised owners of Flint distressed properties for sale and other foreclosure properties from other areas of the state, to get in touch with their lenders first and find out if their lenders are participants in the program.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites