Hardest Hit funded states, including Oregon, had previously had difficulty in enlisting lenders for this kind of program, perhaps this represents the breaking of that logjam?
PMorgan Chase & Co. said Monday it will help unemployed Michigan borrowers by participating in a fund set up by the state to pay a portion of the residents' mortgage payments for up to a year.
Michigan's Hardest Hit fund helps qualified borrowers by paying up to half of their mortgage payments for up to 12 months, saving them thousands of dollars.
The help will be available for Chase customers who are behind on their mortgage payments as well as those who are current. Chase said it will roll out the program once the Michigan State Housing Development Authority has all the logistics in place.
When a homeowner calls Chase, a counselor will ask basic eligibility questions and then send an application package to the homeowner by overnight delivery. If the application is approved, payment help will begin.
Originally created and posted on the Oregon Housing Blog.
No comments:
Post a Comment