LANSING, Mich. – The Governor’s office has designated credit unions as one of the lenders to help homeowners avoid foreclosure in a package of bills passed by the state legislature.
David Adams, president of the Michigan CU League, is joining Gov. Jennifer Granholm in a media tour around the state to spread the word about a package of legislation the governor has signed called “Save the Dream.”
The bills allow the Michigan State Housing and Development Authority to provide mortgage re-financing products to homeowners through approved financial institutions, including 70 credit unions.
The loans include 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 Rescue Refinance, which assists people who have had late payments on their mortgages.
