
Michigan State Governor, Jennifer Granholm, announced the creation of a new $154 million fund to help Michigan homeowners stave off foreclosures. The program, known as the Helping Hardest-Hit Homeowners Fund, will be managed by the Michigan State Housing Development Authority in conjunction with participating banks and mortgage servicers.
The governor's office estimates that the new fund could help as many as 17,000 Michigan homeowners. However, she warns that once the funds are gone, they are gone.
Michigan State Housing Authority Director, Gary Heidel, has encouraged any homeowner facing foreclosure or who may fall into foreclosure to contact their bank or loan servicer immediately about the program.
Applications for the program will be fielded by mortgage providers to the Housing Authority beginning July 12, 2010.
For more information about the Helping Hardest-Hit Homeowners Fund visit www.michigan.gov/hardesthit.
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