For many homeowners in Detroit, keeping up with mortgage payments can be a significant challenge, especially in times of financial hardship. However, there is some good news for Detroit homeowners who are struggling to keep their homes.
Detroit has been hit hard by the foreclosure crisis, with a large number of homeowners facing foreclosure in recent years. The economic downturn and the decline of the city’s manufacturing industry have left many residents struggling to make ends meet, and this has resulted in a high number of delinquent mortgages and foreclosures.
According to a report by Detroit News, the city has one of the highest rates of foreclosure in the country, with more than 1 in 3 properties in some neighborhoods being in foreclosure. This has resulted in a decline in property values, abandoned homes, and blight in many neighborhoods.
To address this crisis, several initiatives have been launched to help homeowners stay in their homes. One of these is the MIHAF program, which is designed to provide financial assistance to homeowners who are facing financial hardship and are at risk of foreclosure.
The MIHAF program can provide up to $30,000 in financial assistance to eligible homeowners to help cover mortgage payments, property taxes, and homeowners’ insurance. The loan is forgivable if the homeowner remains in their home for at least five years. To be eligible, homeowners must meet certain income and credit requirements and must have experienced a hardship that has affected their ability to make their mortgage payments.
Homeowners in Detroit may be eligible for assistance through the Michigan Homeowner Assistance Fund (MIHAF). The program is designed to help homeowners who are struggling to make their mortgage payments due to financial hardship, such as job loss or illness.
MIHAF provides financial assistance to homeowners in the form of a forgivable loan to help cover mortgage payments, property taxes, and homeowners’ insurance. The loan does not have to be repaid as long as the homeowner remains in their home for five years.
The program is available to homeowners who meet certain income and credit requirements and who have experienced hardship that has affected their ability to make their mortgage payments. The funds can be used to bring the homeowner’s mortgage payments current or to pay future mortgage payments.
The MIHAF program is funded by the federal government and is administered by the Michigan State Housing Development Authority (MSHDA). Homeowners in Detroit who are interested in the program can apply through MSHDA’s website or by contacting a participating housing counselor.
This program can be a lifeline for Detroit homeowners who are struggling to keep up with their mortgage payments. If you’re a homeowner in Detroit facing financial hardship, consider applying for the MIHAF program to help you stay in your home and avoid foreclosure.