Financial Relief in the Millions for Homeowners with Late Payments
Situated in Michigan, the city of Flint has a significant monetary fund currently available for homeowners. Amounting millions of dollars, this funding is intended to alleviate the financial burdens of homeowners who are behind on their payments and facing possible delinquency.
This considerable sum stems from the Michigan Homeowner Assistance Fund, a program specifically designed to provide a financial lifeline to struggling homeowners. Presently, there’s a substantial $34 million left in the fund for those who need it.
Dawn Hengesbach, the MIHAF Project Lead Manager at MSHDA, explains, “This program is designed to prevent homeowner mortgage delinquencies, defaults, and foreclosures. It assists with utility costs and even helps prevent the displacement of homeowners who have experienced financial hardship as a direct result of the pandemic.”
The program, which kicked off last year, is funded through the American Rescue Plan Act. Hengesbach emphasizes the importance of maintaining homeownership, stating, “Retaining homeownership is another crucial aspect of this program. It provides an opportunity for households to financially benefit and stabilize.”
Homeowners can apply to receive up to $25,000 through the program. If you are behind on any of the following, you are eligible to apply for this financial assistance:
- Property taxes from any year
- Mortgage payments
- Land contracts
- Mobile home lot fees, and more
Hengesbach underscores the positive impact the program can have, saying, “This assistance puts families in a better position moving forward. It fosters stability, retains equity, and contributes to the key components for the statewide housing program, which are all crucial for thriving communities.”
Since the launch of the program last year, it has been able to provide much-needed assistance to 22,000 homeowners. Initially, the processing time for applications took about a month. However, Hengesbach says they have since streamlined the process and are now able to process applications within 2-3 weeks.
Hengesbach advises those applying for the program to keep their partners informed. She says, “It’s important that if you apply for this assistance, you communicate with your partners. Whether that’s your mortgage lender, utility provider, or property partner, let them know that you’ve applied.” This effective communication can help ensure all parties are aligned and can facilitate the efficient processing of your application.
