Congressman Teams Up with Experts to Provide Helpful Advice to Those with Homes at Risk
Dearborn, MI – Wednesday, Southeast Michigan homeowners concerned about foreclosure heard valuable tips on how to protect their homes. Congressman John D. Dingell (D-MI15) joined experts from the Wayne County Mortgage Foreclosure Prevention Project (MFPP) and the Michigan State Housing Development Authority (MSHDA) at a “Foreclosure Prevention Forum” at the Booker T. Dozier Recreation Complex in Inskter. The Congressman was pleased to be able to provide his constituents with an opportunity to receive advice from experienced mortgage and housing experts and to develop plans to modify their mortgages and stay in their homes.
At today’s forum, the audience had a chance to learn about federal initiatives like the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives (HAFA) Program. “HAMP helps homeowners at risk of losing their home by lowering their monthly payments to affordable levels,” Dingell said. “And for those who are unable to keep their homes through HAMP, HAFA offers other viable alternatives. The Administration is continuing to address HAMP and other Federal Housing Administration (FHA) programs in order to best assist struggling homeowners. Recent changes to HAMP offer new flexibility to mortgage servicers and originators to help additional people who owe more on their mortgage than their home is worth, as well as unemployed homeowners. These changes will help stabilize the housing market by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.
“I am proud of the work that MFPP and MSHDA are doing to help homeowners in Michigan stay in their homes. Workshops like these are critically important to the health of our communities, and I commend those who attended for having the courage to step forward and take the steps necessary to avoid foreclosure. Our work to protect hard-working homeowners trying to keep above water will go on. We will get people through these challenging moments.”
Congressman Dingell was an original co-sponsor of the “Helping Families Save Their Homes Act of 2009,” which was signed into law by President Obama on May 20, 2009. This important law allows the Secretary of Housing and Urban Development to implement a national program to make it easier for lenders to modify home loans for eligible delinquent mortgages. Under this program, such mortgages may be modified to include terms more favorable to homeowners struggling to make ends meet.
