NORTHVILLE TOWNSHIP, Mich. - Michigan league CEO David Adams will be joining Gov. Jennifer Granholmin on a media tour around the state to spread the word about a package of legislation the governor has signed being called “Save the Dream.”
The bills allow the Michigan State Housing and Development Authority (MSHDA) to provide mortgage re-financing products to homeowners through approved financial institutions, including credit unions. The league reported that approximately 70 Michigan credit unions are currently able to offer the new MSHDA products, and more are qualified to become approved lenders.
Michigan had the nation’s third highest state foreclosure for 2007, with 1.9% of its households entering some stage of foreclosure during the year. A total of 136,205 foreclosure filings on 87,210 properties were reported in the state during the year, a 68% increase in total filings from 2006.
The two new products available include the MSHDA ARM Assist Refinance, which assists individuals who currently have an adjustable rate mortgage to obtain a fixed-rate loan that can reduce their mortgage payment and provide stability in monthly housing expense, and the MSHDA Rescue Refinance, which assists people who have had late payments on their mortgage.
