Dort FCU Kicks Off Treasurys Hardest-Hit Homeowners Program
FLINT, Mich. – Dort FCU is the first in the state to help a mortgage borrower receive thousands of dollars in assistance through Michigan’s Helping Hardest-Hit Homeowners program – just two days after the U.S. Treasury-funded program opened July 12.
Jalonne and Jerome Lynd of Burton are among 57 applications as of Aug. 1 that the state has approved or is in the process of approving, according to the Michigan State Housing Development Authority, which is disbursing the federal funds. The program is making $154.5 million in federal funding available to help an estimated 17,000 Michigan families facing foreclosure.
At least three other area credit unions are among the 90 Michigan lenders participating, including ELGA CU, Security CU and Sagelink CU. Fifth Third Bank also is a participant.
Homeowners on a first-come, first-served basis may be eligible to receive up to $9,000 per household to help pay the mortgage if they are receiving unemployment or up to $5,000 per household for people who have overcome an obstacle such as a medical emergency or temporary layoff and fell behind on payments. Up to $10,000 per household for mortgage principal reductions is available to people who can’t afford their mortgage payments because of a reduced income.
The Treasury is funding similar programs in California, Nevada and other states hit hard by the recession.