According to the real estate data collection company, RealtyTrack, the state of Michigan current has more than 95,000 in foreclosure. Going through a foreclosure can be quite stressful and unsettling for any person, which is why a new program has been established to help these homeowners avoid the foreclosure process. The new program is called Step Forward Michigan and aims to bring relief to families that qualify.
The Step Forward Michigan program was established by the Michigan Homeowner Assistance Non-Profit Housing organization with the help of some federal funding. The Step Forward Michigan program hopes to help about 50,000 homeowners over the duration of the program, but so far only 4,000 homeowners have applied. Program leaders are hoping to get the word out about this foreclosure program so that more homeowners across the state can benefit.
While programs such as the Step Forward Michigan program are out there for homeowners struggling to make their mortgage payments, it can be frustrating trying to work with the lenders and secure a loan modification. Even though it may be tempting to just walk away from a home that you can no longer afford, credit counselors warn that doing this is the worst possible thing you can do. The negative impact walking away from a home mortgage loan would have on your credit score would be very difficult to overcome and would take years to fully recover. Rather than walking away from your current mortgage, credit counselors recommend trying to secure a loan modification or applying to all of the foreclosure assistance programs available to you. This way you increase your chances of changing the terms on your home mortgage loan and saving your house from the foreclosure process.
To learn more about the Step Forward Michigan program click here.