Federal grant may help homeowners avoid foreclosure

| Sep 7, 2017 | Foreclosure |

Many people in Florida know what it’s like to face serious financial problems. Some are able to get back on their feet in a short amount of time simply by spending less, saving more and being diligent to pay bills on time. Other situations are not so easy to rectify; in fact, foreclosure is a real worry to many homeowners in this state and elsewhere in the nation.

A substantial amount of money was provided in a federal grant in another state to help homeowners pay off their debts and restore financial stability. The total grant was $761 million of which $40 million is still available. Close to 35,000 homeowners have been assisted by the grant and another 6,000 may be able to save their homes by 2020 through the grant program.

The grant is part of the Step Forward Michigan Program. The mayor of Flint recently espoused the potential benefits the program can have on those adversely affected by the city’s water crisis, which made national news some time ago. The water problem has led to undue financial hardships for many residents and who now may be able get help to pay their mortgages, taxes, etc., and keep their homes in the process.

Threat of foreclosure is obviously no small matter. Especially for families with children, the idea of losing one’s home can cause overwhelming stress. There is often a lot an experienced Florida real estate attorney can to provide counsel and assistance to help concerned homeowners explore whatever debt relief options happen to be available in their particular situations.

Source: mlive.com, “$40M in aid available for Michigan homeowners facing foreclosure“, Oona Goodin-Smith, Sept. 5, 2017

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