Some help is on the way.
Lawmakers are on the verge of approving refinancing options for Michigan homeowners facing risk of foreclosure, Gov. Jennifer Granholm told the Kalamazoo Gazette on Wednesday.
"There's an urgency to do something for those homeowners to save their homes," said Granholm, who met with Gazette editors and reporters.
One program through the Michigan State Housing Development Authority would allow homeowners to refinance with a 30-year, fixed-rate loan at below market rates. It would be aimed at homeowners with adjustable-rate mortgages whose payments are increasing to an unaffordable level.
The other program, called the Rescue Refinance Program, would provide refinancing for homeowners who are delinquent on their mortgages and face possible foreclosures.
The programs, part of a Save the Dream initiative, are aimed at families with an income under $72,250 who have homes with a purchase price less than $216,750.
MSHDA does have tips and a hotline number you can call now for help - click the pic to find out more. Don't wait for the legiscritters.
And for all you "one state recession" wonders out there - we aren't alone. We aren't even number one. This is a national problem with huge implications for the economy everywhere, as you probably know. The latest numbers-
RealtyTrac Inc., a online tracking firm, said today the country had 2.2 million foreclosure-related filings last year, up 75 percent from the year before. More than 1 percent of all U.S. households were in some form of foreclosure, according to the report which counts default notices, auction-sale notices, and bank repossessions.
Michigan had 1.9 percent of households entering some form of foreclosure last year, or 136,205 filings involving 87,210 properties, RealtyTrac said. Its filings were up 68 percent from the year before.
...
The state trailed Nevada, with 3.4 percent of houses in a foreclosure activity, and Florida, at 2 percent.
Ohio trailed California and Florida in total filings, with 153,196 on 89,979 properties, RealtyTrac said. The filings for the Buckeye State were up 88 percent from 2006. In Ohio, 1.8 percent of the state's households were in some stage of foreclosure, or sixth highest in the nation.
We now return you to your regularly scheduled blog, already in progress.