House passes bills to help homeowners facing foreclosure in Michigan

December 5th, 2007 • Related • Filed Under

From Crain’s Detroit Business;

The state House on Tuesday passed a package of bills to offer new refinancing options to Michigan homeowners facing mortgage foreclosures.

Democrat-sponsored House Bills 5443-5447 establish programs to allow some homeowners who have adjustable-rate mortgages or who have missed mortgage payments to refinance and secure lower-interest, fixed-rate loans through the Michigan State Housing Development Authority, or MSHDA.

The legislation sets up two new refinance loan programs through MSHDA. One program would help homeowners who have an adjustable-rate mortgage that is increasing or projected to increase, while another program would assist homeowners who have missed mortgage payments and are at risk of losing their home.

The initiatives would be funded by the sale of bonds, and homeowners would be responsible for paying off the full value of their refinanced mortgage. The programs are designed to help low- and moderate-income borrowers who meet other eligibility criteria, such as having a good overall credit history.

The bills, many of which passed the House by large margins, now go to the Senate.

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