With all of the bad news associated with foreclosures and loan modifications, it’s nice to hear some good news. The Michigan State Housing Development Authority (MSHDA) received federal funds from the attorney general for settlements with several bank mortgage servicers.
Basically, if you went through a foreclosure with a participating bank in 2008-2011, you may be eligible for a cash payment. If you are a current borrower serviced by one of these banks, you may be eligible for a loan modification or another refinancing option.
The five participating banks are:
- Bank of America
- Wells Fargo
- JP Morgan Chase
For more information on this settlement and to see if you qualify, Please call: 1-866-946-7432 or go to http://www.michigan.gov/mshda/0,4641,7-141-45866_45868-285879–,00.html