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Tuesday, November 10, 2009

Stop foreclosure in Michigan - Helpful points to get you started

Michigan State housing department authority (MSHDA) has initiated a program named as "Save your dream". Many homeowners are unable to pay mortgage amount on time to lenders - reasons being fired from jobs, injury or disability or anything severe that affects a homeowner's monthly mortgage paying capability. It is important to take necessary steps to stop foreclosure in critical times like this. Follow the steps below if you want to stop foreclosure process and save your dream.

Take loan to save your dream (house): MSHDA can help homeowners rescue their house by providing loans to stop foreclosure in Michigan and save your home.

Pick up the Help loan: If you have temporary problem due to which you are not able to mortgage amount, you can contact Homeownership counseling Agency in Michigan to avail their HELP loan. You can avail this benefit for temporary emergencies only and maximum you can get is $3000 and is a non-interest bearing loan.

MSHDA Assist finance program: If you have an adjustable mortgage loan or high-interest fixed rate loan, MSHDA can help you pick up another loan at much lower interest rate, based on certain qualifications.

Other ways to stop foreclosure in Michigan:

By contacting an attorney or an MSHDA counselor, they may assess your situation better and suggest you a loan modification, reinstatement or cure, a forbearance agreement or a partial claim.

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