Homeownership

RESOURCES FOR AVOIDING FORECLOSURE

More and more homeowners are having trouble keeping up with their mortgage payments, particularly when they have adjustable rate mortgages (ARMs).

Recently I convened a series of roundtable meetings in a number of Michigan communities. Leaders from local and state government as well as organizations that are working with families facing foreclosure came together to discuss practical ways to help homeowners and protect our economy from further damage.

We heard that many homeowners face the financial pressures of owing more on their mortgages than the dollar value of their houses. Participants in the meetings discussed the need for more affordable loans that would help these families refinance and stay in their current homes. Most homeowners do not want to uproot their children and leave their community behind even if the balance of their mortgage is greater than the current market value of their home.

In my meetings with Michigan citizens who are working on foreclosure issues, they made clear that a number of commonsense measures can be helpful in confronting this problem. Effective action to address the mortgage crisis is critical for us to secure Michigan’s and this nation’s economic future.

On July 26, 2008, the Senate passed the Housing and Economic Recovery Act (P.L. 110-289), which was signed into law four days later. I am hopeful that this landmark legislation will provide much needed relief tomany struggling homeowners in Michigan and across the country.

My office has compiled this list of resources to help homeowners avoid foreclosure and stay in their homes.

Information on Homeownership and Avoiding Foreclosure

 

FEDERAL RESOURCES

U.S. Department of Housing and Urban Development (HUD)
The HUD website has a page with links to various resources including housing counseling agencies, the Michigan State Attorney General, free legal aid. Visit Avoiding Foreclosure: Michigan.

Federal Housing Administration (FHA)
The Federal Housing Administration provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. Their website hosts information on various federal assistance programs.

Federal Trade Commission (FTC)
The Federal Trade Commission website offers comprehenshive consumer information on a wide variety of topics. Visit the FTC's Mortgages / Real Estate page for various helpful publications and facts for consumers about homes and real estate.

The FTC's Real Estate Marketplace Glossary: How to Talk the Talk [PDF] provides definitions of terms often used in the real estate industry.

The Home Mortgage Disclosure Act
Congress enacted the Home Mortgage Disclosure Act (HMDA) in 1975, which requires lending institutions to report public loan data. This website provides information about the regulation and its interpretation.

MICHIGAN RESOURCES

Michigan Attorney General
The Michigan Attorney General website offers various resources to help you save your home.

Michigan State Housing Development Authority (MSHDA)
Save the Dream, an initiative of the Michigan State Housing Development Authority, offers links to information on How to Keep Your Home; Loans to Save Your Home; Stages of Foreclosure; Foreclosure Q&A; Who to Contact for Help; Your Credit; and Prioritizing Your Debts.

COUNTY RESOURCES

Oakland County Housing Counseling
The Oakland County Community and Home Improvement website offers information on housing counseling, self-help tips and an online video.

Washtenaw County Mortgage Timeline
The Washtenaw County website provides a sample mortgage foreclosure timeline and glossary of terms related to the foreclosure process.

Wayne County Mortgage Foreclosure Prevention Program
Wayne County offers free educational seminars for citizens who want to learn more about how to avoid foreclosure. Wayne County also offers counseling and mediation for homeowners facing foreclosure.

Housing Counseling Agencies

 

HUD Approved Housing Counseling Agencies
The Department of Housing and Urban Development maintains this list of HUD approved housing counseling agencies in Michigan.

National and Michigan Hotline Numbers:

HUD Referral Line 800-569-4287
MSHDA Save the Dream Hotline 866-946-7432
Lighthouse Community Development 248-920-6200 x2426 or 2427
Lighthouse Community Development - Macomb 313-706-3009
Oakland Livingston Human Service Agency 248-209-2616
MSUE Macomb 586-469-6430
Southwest Solutions 313-841-9641
Washtenaw County Tax Assessors Office 734-222-6519
Mission of Peace 313-967-0140
Jewish Vocational Services 248-233-4482
Oakland County 248-858-5402
HOPE Hotline 888-995-HOPE
U Snap Bac Community Development Corp. 313-640-1100 x12

 

Foreclosure Due to Property Taxes

 

City and County Treasurers
Contact your County or City Treasurer for information about assistance programs.

Internal Revenue Service
The IRS website has a page with questions and answers on home foreclosure and debt cancellation.

 

Filing Complaints on Financial Institutions

 

The State of Michigan Office of Financial and Insurance Regulation
This page offers assistance to consumers if they have questions or complaints about credit unions, insurance companies, banks, securities, and HMOs.

Americans for Fairness in Lending
If you have a dispute with a lender over mortgage loans, credit cards, payday loans, debt collection or other financial services, this website provides information about how to file a complaint against that lender with its appropriate supervisory agency.

Office of the Comptroller of the Currency
The OCC's Customer Assistance Group is ready to help customers of national banks with questions or complaints they have about their financial institutions. You can contact the OCC Customer Assistance Group Monday through Friday from 8:00 a.m. to 8:00 p.m.

Office of Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010
800-616-6743
Fax: 713-336-4301
E-mail: Customer.Assistance@occ.treas.gov

Federal Reserve Board
The Fed's Consumer Help page can assist with problems with your bank or other financial institutions.

Federal Reserve Consumer Help
P.O. Box 1200
Minneapolis, MN 55480
888-851-1950
Fax: 877-888-2520
TTY: 877-766-8533
E-mail: ConsumerHelp@FederalReserve.gov

Consumer Action Website
The Consumer Action Website of the Federal Citizen Information Center provides consumers with an online version of the 2008 Consumer Action Handbook. If you have a consumer question or problem, this website will point you in the right direction for more information.

Rental Assistance

 

U.S. Department of Housing and Urban Development - Rental Help: Michigan
You can search for a subsidized apartment and find out how to apply for public housing and housing choice vouchers (Section 8) on this website.

Michigan State Housing Development Authority Listings
This website provides information on rental assistance programs and has links to several related websites of help to renters.

map of michigan

Foreclosure legislation

Senator Levin's Senate floor statement on the Foreclosure Prevention Act, April 1, 2008. more

Housing and Economic Recovery Act

Senator Levin's Senate floor statement on the Housing and Economic Recovery Act of 2008, July 10, 2008. more

Senator Levin Lauds Final Passage of the Housing and Economic Recovery Act of 2008, July 26, 2008 more

front porch of a house flying an American flag