Here at National Faith, we offer foreclosure help to enable Detroit area homeowners to stay in their homes. We do this through foreclosure alternatives services and help with Step Forward Michigan (SFM) Applications.
We offer our foreclosure assistance at no cost to you. Our Foreclosure Prevention Specialists assess your situation, determine what options are available to you, and help you negotiate with your Step Forward Associate or lender. They will help you determine what the best course of action is for you in the face of foreclosure.
Our specialists set you up for long-term success by helping you establish a new monthly budget.
Step Forward Michigan Applications
Currently, Step Forward Michigan has 2 programs to help homeowners facing foreclosure:
- Unemployment Program – Will pay up to 50% of your mortgage payment for 12 months to allow you time to begin a new position and help ease your way out of a financial struggle that is caused by unemployment.
- Loan Rescue Program – Will pay up to $30,000 in order to bring a delinquent loan or property taxes current.
Our counselors will help you with online applications as well or, if needed, contact your lender on your behalf.
Click on the tabs below to expand read more on each topic.
When the lender spreads out the delinquent amount owed over a period of time and adds it to your regular monthly payment, along with any late fees or service fees. You will have a fixed amount of time to pay the total amount back.
When the lender reduces or suspends a portion of your monthly mortgage payment for typically 6-12 months. You will most likely be expected to pay the back payments before resuming the original mortgage payment.
This is a new, permanent agreement that changes the terms of the loan. This can be done by lowering or changing from ARM to Fixed the interest rate or by extending the term or length of the loan.
In this agreement, your lender will allow you to sell your home and then will forgive the shortage between the sales price and the mortgage price. Keep in mind that there may be tax liabilities on the amount forgiven.
Deed in Lieu of Foreclosure
You may be able to transfer the title to your lender in exchange for the cancellation of the debt. Once again, you may have to pay taxes on the amount forgiven. This option is better than a foreclosure because it will not directly negatively affect your credit.
Our specialists will contact your lender on your behalf to discuss your situation and in most cases will be able to assist you with negotiations as well.
Your Next Step with National Faith
National Faith Homebuyers maintains information on services, resources, and programs available that may provide you with additional financial, legal, medical, or other types of assistance that you may require. We are HUD, MSHDA, and Freddie Mac certified.
If you’re curious about our foreclosure assistance and want to know more, please give us a call at (313) 255-9500 or fill out our online contact form.