PROGRAMS, TIPS OFFERED FOR STRUGGLING HOMEOWNERS

Northern Michigan homeowners at risk of entering mortgage foreclosure can turn to a number of local, state and federal sources for various levels of assistance, including some programs that have been specifically created to help people struggling in the economic recession, Rep. Kevin Elsenheimer said today.

"Losing your home in a mortgage foreclosure can be devastating to a family, as their daily lives and financial history are thrown into an upheaval that can take years to recover from," said Elsenheimer, R-Kewadin. "Often that scary situation can be avoided, if homeowners, lenders and other experts are brought together early enough to develop common-sense solutions to keep people in their homes."It's important now more than ever for people at risk of losing their homes to reach out for that assistance as soon as they see the slightest hint at possible trouble."
In his efforts to find possible reforms in mortgage laws, Elsenheimer learned of several agencies with programs to protect from mortgage foreclosure.The Michigan State Housing Development Authority has created the Save the Dream Campaign, which includes helpful information that assists homeowners experiencing financial difficulties or facing foreclosure. The authority also has a statewide network of homeownership counselors, a second mortgage program to assist current MSHDA borrowers, and refinance programs available to eligible homeowners. The program is available online at http://www.michigan.gov/mshda and clicking on the Save the Dream link.

Homeowners also can contact HOPENOW, a federal non-profit organization dedicated to helping homeowners avoid foreclosures at 1-888-995-HOPE, or online at http://www.hopenow.com/.
Other tips offered to successful mortgage management:- Don't ignore the issue. Open and respond to all mail from your lender and ask questions. Remember, the lender's goal is a successful mortgage relationship.- If you believe there may be a problem making timely payments, talk to your lender and/or contact a HUD-approved housing counselor at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.- Be aware of foreclosure recovery scams. If a company says it can stop a foreclosure immediately if you sign your title over to them, it's likely to be a scam.

Residents without Internet access interested in more information or who have other state government concerns can contact Elsenheimer's Lansing office toll free at 1-877-536-4105 or by writing to the lawmaker at State Capitol, Lansing, MI 48909.