State Moves to Help Foreclosers

Amidst the Federal Government's plans to help those heading towards foreclosure, Michigan legislators are also moving towards creating a package of bills to help homeowners as well.

Two new refinancing programs are being developed through the Michigan State Housing Development Authority’s Save the Dream campaign.

The Adjustable Rate Mortgage Refinance Plan will assist borrowers who have an ARM mortgage refinance at a lower-interest, fixed-rate loan.

The Rescue Refinance Program will help borrowers who are late on their payments and at risk of losing their homes.

The programs are being funded through taxable bonds and homeowners will eventually be responsible for paying off the full value of their mortgages.

The qualifications for the programs are a household income of less than $72,250 and the purchase price of the home cannot exceed $216,750.

For more information contact the Michigan State Housing Development Authority Save the Dream office at 1-866-946-7432.