COLDWATER, MI (WKZO) - Michigan's foreclosure crisis is expected to persist for another year, but Branch County leaders in the Campaign to End Homelessness say free counseling, free legal services and in many cases direct financial assistance are available to help struggling families save their homes.
The Michigan Foreclosure Task Force reports that more than 220,000 homes have been foreclosed on in the state since 2009. The total is expected to climb to about 327,000 by the end of 2012, according to Neeta Delaney, co-director of the task force.
State and local leaders in the Campaign are working to minimize the number of foreclosures by pointing homeowners to free professional services to help families regain their footing and keep their homes. The state also has nearly $500 million in federal money available for short-term assistance. Cathy Gordon, Chair of Branch County Community Network (BCCN) reports “Homeowners have a much better chance of keeping their homes if they take advantage of available help and act promptly.
They are entitled to a 90-day window to stay in their homes if they work with a housing counselor and the lender.” "The first thing to do is make sure you are opening your mail and communicating with your lender. Not opening the mail is a huge factor in people losing their homes," said Delaney, of the Foreclosure Task Force.
She further explained that as soon as people become aware that they may have trouble with mortgage payments, they should reach out to a certified foreclosure counselor. "Unfortunately, there are still many families in the Branch County area who are at risk of losing their homes because they have lost jobs or are earning less," said Gordon. "We have excellent resources available, but it's important for people to acknowledge their situation and take action."
Certified housing counselors are available in Branch County to provide free assistance to those who have fallen behind on mortgage payments and are concerned about foreclosures. Free legal services are also available. "Our counselors have had a lot of success in bringing homeowners together with lenders and preventing foreclosures," said Gordon.
Financial assistance is also available in many circumstances. The federal government allocated $498.6 million for the Helping Michigan's Hardest Hit Homeowners' program, according to Mary Townley, director of Homeownership for the Michigan State Housing Development Authority (MSHDA). The Hardest Hit program is expected to assist more than 50,000 households. Homeowners can begin the process of applying for assistance online at www.stepforwardmichigan.org. Homeowners can receive money in three circumstances
