Michigan Making Home Affordable–Home Loan Modification Plans For Distressed Homeowners

Michigan homeowners who have sought out Making Home Affordable home loan modification assistance have seen success in some areas as the state is one of the hardest hit areas in the nation, in terms of homeowners who are in distress and in need of some form of foreclosure prevention assistance. The modification program implemented by various servicers has extended to states across the nation, but in particular areas of Michigan, there is a higher need by many homeowners for these foreclosure prevention initiatives due to the economic downturn and housing difficulties which have been faced over the past months.

Yet, data from the Making Home Affordable Program has tracked home loan modification activity from HAMP in various areas and cities, which has shown that there are still homeowners who are seeking out foreclosure prevention efforts. However, extension programs and offers from the Hardest Hit Fund may bring Michigan homeowners more opportunities to find the affordability they need in their home loan through various modification and mortgage financing assistance programs in the hopes of giving homeowners time to get back on their feet financially and return to a position where they can meet their monthly mortgage payment and avoid the loss of their home.

In various areas across Michigan there are still homeowners who are seeing home loan assistance programs as a recent HAMP report tracked data through the month of November 2010 for major cities. For example, Lansing and East Lansing Michigan had 550 permanent home loan modifications as of November 2010, Detroit, Warren, and Livonia saw 10,337 permanent home loan modifications and Ann Arbor was reported to have had 465 permanent modifications as of November as well.

While federal home loan modifications from various major mortgage servicers are still offering the option for homeowners to acquire foreclosure prevention assistance that many seek, extension programs that may address issues like unemployment or underwater mortgages, as well as, the programs specifically offered from the Michigan State housing agency through the Hardest Hit Fund do offer alternative forms of assistance to those who may feel that a traditional home loan modification will be unhelpful or who simply may not qualify.

Understandably, Michigan is not the only state which has been particularly hurt by the economic downturn and is still finding ways to prevent the loss of homes for many across the state, but advisers still suggest that these homeowners either contact their servicer or an approved housing counselor before their financial difficulty becomes too problematic and their home loan problem cannot be addressed. While there are still numerous opportunities for homeowners to find foreclosure prevention assistance, these plans are no guarantee so finding help from an approved, reputable housing counselor or speaking with a mortgage servicer early before problems arise can help homeowners increase the likelihood they will find some form of assistance to help them keep their home.