This page is still under construction.  Please return at a later date for more information.  For now, please read over the following Mortgage Foreclosure Prevention Program  offered through Wayne County and usefull information and links that can also be found on SEMCOG's website.

Wayne County Mortgage Foreclosure Prevention Program 

http://www.fightmortgageforeclosure.com/

Wayne County is seeking to address the foreclosure crisis currently gripping the county and many of its residents. In collaboration with lenders, investors and local housing counseling agencies, Wayne County aims to mitigate this crisis through the Mortgage Foreclosure Prevention Program. Through this initiative and at no cost to the citizen, residents at risk of mortgage foreclosure will gain viable options through a process of foreclosure education, process awareness and intervention. In addition to mortgage foreclosure prevention service, as a result of our partnership with United Way 2-1-1, we may be able to offer your family, free of charge, assistance with other basic family needs. 2-1-1 is a 24/7/365 hotline that is anonymous and helps people connect with resources to improve their lives. This includes mortgage foreclosure assistance, utility assistance, rent assistance, educational programs, food, clothing, and other basic family needs. When you contact one of our mortgage foreclosure counselors ask about additional assistance that your family may be able to receive.

***Please note that this opportunity is only for borrowers who are behind or in default.***

Wayne County offers services in Education and Awareness; Counseling and Intervention.  For more information please visit their website or call the Mortgage Foreclosure Prevention Program at 313-833-2948 or 877-693-6199.

SEMCOG (Southeast Michigan Council of Government) has many usefull links for residents facing foreclosure.  Here are some of the many links that can be found on SEMCOG's website, www.semgoc.org

http://www.semcog.org/uploadedFiles/BestPractices.pdf

HOPE For Homeowners Program 

Their mortgage exceeds the value of their home. They are on an adjustable rate mortgage. They have a high fixed interest rate. They are behind, or in foreclosure. May have income/job issues.

The program effectively reduces the current mortgage (including second mortgages, late payments, attorney fees, and etc) to 90% of the homes CURRENT market value based on a FHA approved appraisal. This can save tens of thousands in mortgage balance, and hundreds to thousands in mortgage payments.

Credit score does not matter, and even homes in the foreclosure process qualify. These are the lowest 30 year FIXED rate mortgages with NO prepayment penalties and these new loans are also FHA insured. If you cannot afford your current loan, do not own a second home, and your mortgage was originated before 2008; you can qualify for help with this new program.

Basic Consumer Facts about the HOPE for Homeowners Program

What is the HOPE for Homeowners Program? This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA). It may help you refinance your mortgage into a more affordable payment. H4H is voluntary. Both lender(s) and borrower(s) must agree to participate. When does H4H Begin? The program begins October 1, 2008 and ends September 30, 2011. Who is eligible? You should contact your lender to determine eligibility, but you may be eligible if, among other factors: The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes. Your existing mortgage was originated on or before January 1, 2008 and you have made at least six payments. You are not able to pay your existing mortgage without help. As of March 2008, your total monthly mortgage payments due were more than 31 percent of your gross monthly income. You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s). Who should I contact? FHA does not accept loan applications. Borrowers seeking help should contact their lender, another FHA-approved lender, or a housing counselor to apply or learn more about their options. How much can I borrow? Your new H4H mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing down your current mortgage to that amount. What costs do I have to pay? The new mortgage, if approved, will replace all of the current mortgages on your home. You will not owe any payments, fees or debts on mortgages you now hold. You must agree to share both the equity created at the beginning of this new mortgage and a portion of any future appreciation in the value of your home. In addition to an upfront mortgage insurance payment of 3%, you will pay a 1.5% annual mortgage insurance premium on your outstanding mortgage balance. This premium will be included in your monthly payments. You will need to pay closing costs on the loan. You will receive a Good Faith Estimate of these costs. Will my new interest rate be lower than my current rate? The interest rate for the new mortgage will be based on current market interest rates and will be provided by the lender. I currently have a second mortgage. If needed, can I take out a second mortgage under this program? You cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs. How can I learn more about the program and start the application process? Review the Frequently Asked Questions page at www.fha.gov to learn more about the program. Contact an FHA-approved lender to apply. You can find a list of lenders at www.fha.gov Contact a Housing Counselor. A list of Housing Counselors can be found at www.fha.gov Consumer Disclosure This page is located on the U.S. Department of Housing and Urban Development's Homes and Communities Web site at http://www.hud.gov/hopeforhomeowners/consumerfactsheet.cfm.