The COVID-19 pandemic may be waning, but the financial toll is still high. Find out what help is available to Michigan homeowners who are struggling with the fallout.
It finally seems like the COVID-19 pandemic is fading into our collective rearview mirrors and we can start putting our lives back together. But even though the worst of the health effects may be receding, the economic effects are still continuing for many families – and the ones who have been hit the hardest are often the ones that can least afford it. In July 2022, 2,172 workers reported some lost income attributed to the pandemic. [Source: Bureau of Labor Statistics, July 2022 data table]
On February 14, 2022, the Michigan Governor’s office released a statement that the Michigan Homeowner Assistance Fund (MIHAF), was offering grants of up to $25,000 to help homeowners and others affected by the pandemic avoid foreclosure and other adverse financial effects. If you’ve lost income because of COVID-19, you might be eligible for some help. So let’s learn more about MIHAF.
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If you’re looking for a new home loan or a refinance and you need help unraveling your finances, contact a Mortgage 1 expert today. They can help you determine which assistance programs will work for you. Call us at 1-866-532-0550 or use our Pro SNAP digital app to learn about your options!
The Michigan Homeowner’s Assistance Fund is a program designed to relieve some of the housing-related hardships of income lost to the Coronavirus pandemic. It was funded to the tune of $242,812,277 by the American Rescue Plan Act of 2021. The Michigan State Housing Development Authority (MSHDA, the same agency that provides mortgage downpayment assistance) has been authorized to administer these funds.
Under MIHAF, homeowners can receive assistance of up to $25,000 per household. Any money received is paid directly to the bank, mortgage provider, utility company, etc. to which the householder owes money. Debts covered under this program include:
● Delinquent loan or mortgage payments.
● Escrow shortages.
● Overdue utilities or broadband internet service bills.
● Delinquent land contract or contracted park lot payments.
● Past-due association fees or property taxes.
● Insurance fees (i.e. for homeowner or mortgage insurance).
To qualify for MIHAF assistance, you must be:
If you’d like to find out more about MIHAF, please visit the following links:
And remember that when financial difficulties arise, it’s always a good idea to talk with your mortgage lender. They may have programs that can help you stay in your home during this rough patch.